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1、PrinciplesandPreferences4LearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}ExplaintheRankingPrincipleandtheChoicePrinciple.}Illustrateconsumers’preferencesforconsumption-bundlesgraphicallythroughindifferencecurves.}Understandthepropertiesandfunctionsofindifferencecurves.}Determinea
2、consumer’swillingnesstotradeonegoodforanotherbyexaminingindifferencecurves.}Explaintheconceptofutilityandcompareconsumptionbundlesbycalculatingthenumericalvaluesofagivenutilityfunction.fweknowthepriceofagood,wecanuseitsdemandcurvetodeterminetheamountIpurchased.Butthepriceisntalwaysobvious.Takethe
3、caseofmobile(wireless)tele-phones.Whatsthepriceofserviceperminuteofconversation?Ifyouownamobilephone,youknowthissimplequestionhasnosimpleanswer.In2006,onewirelesscompany,Cingular,offeredmorethanadozendifferentcallingplans,eachwithdifferentpricesfordifferentcircumstances.Inoneplan,customerspaidam
4、onthlyfeeof$59.99,received900freeminutesforcallsmadeonweekdays,andpaid40centsperminuteforadditionaltime.Inanotherplan,amonthlyfeeof$99.99bought2,000freeminutes,withadditionaltimechargedat25centsperminute.Whichpriceistherelevantone?Freeminutescostnothingordothey?Ifacus-tomerincursamonthlyfeeof$59
5、.99andusesexactly900freeminutes,isnthepay-ingjustunder7centsperminute?Andwhataboutadditionalminutes?Istheprice40cents,25cents,orsomethingelseentirely?Evenifweknewthedemandcurveformobiletelephoneservices,whichpricewouldweusetodeterminetheamountpurchased?Theanswerstothesequestionsarefarfromobvious
6、.Predictingconsumerschoicesaccuratelyinsuchsituationsisimportantbothtobusi-nessesandtopolicymakers.Itrequiresanunderstandingofconsumerbehaviorthatgoes91ber00279_c04_088-122.indd91CONFIRMINGPAGES10/5/079:18:03AM92PartIIEconomicDecisionMakingbeyondsimpledemandcurves.Ageneraltheoryofconsumerbehavio
7、risvaluableforatleasttwootherreasons.First,economistsareoftencalledontoevaluatethecostsandbenefitsofpublicpolicies.Forexample,thegovernmenttaxesmanygoodsandservicesandusestherevenuestofinancepublicactivitiessuchaspoliceprotect
