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1、Constraints,Choices,5andDemandLearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}Demonstratehowpriceandincomeaffectaconsumer’sbudgetline.}Determineaconsumer’sbestchoicebasedonhispreferencesandbudgetline.}Understandhowtofindaconsumer’sbestchoicebymaximizingautil-ityfunct
2、ion.}Analyzetheeffectsofchangesinpricesandincomeonaconsumer’sdemand.}Explainhoweconomistsdetermineconsumers’preferencesbasedontheirchoices.nrecentyears,theHondaAccordhasconsistentlyrankedamongthebest-sellingIcarsintheUnitedStates.Yetifyouaskagroupofyourfriendstonametheirfavoriteautom
3、obiles,fewwouldplacetheAccordnearthetop.ItlackstheluxuryofaBentley,theengineeringofaMercedes,thesexappealofaFerrari,thesophis-ticationofanAston-Martin,theperformanceofaPorsche.TheAccordissimplyaplain-lookingcarthatdeliversasafe,comfortableridewithrelativelyfewhead-aches.Aboveall,its
4、affordable:thepriceisreasonableandthemaintenancecostisHondaAccord(above)andFerrarilow.TheFerrariEnzomayturnheads,butits$643,330pricetagkeepsmostbuyersEnzo(below)outoftheshowroom.Whentheownerofa$23,000HondaAccordsaystheFerrariEnzoisnotaffordable,hismeaningisobvious.Mostpeoplejustdont
5、havethenec-essarycashtobuyanEnzo.Butwhenhesayshecantafforda$47,000MercedesE320,hismeaningisprobablymoresubtle.ManyAccordownerscouldpurchasemoreexpensivecars.TheychoosetheAccordbecausetheydontthinkaflashycarisworththenecessarysacrifices,whichcouldincludeworkingovertime,skippingvacation
6、s,orlivinginasmallerhome.123ber00279_c05_123-165.indd123CONFIRMINGPAGES10/10/079:16:38AM124PartIIEconomicDecisionMakingConsumerchoiceisallaboutconstraintsandtrade-offs.Thepurposeofthischapteristodescribetheconstraintsconsumersfaceandexplainhowtheyresolvetrade-offsandmakedecisions.We
7、llexaminesixtopics:1.Affordableconsumptionbundles.Aconsumersbudgetconstraintidentifiesalltheconsumptionbundleshecanafford.Wellseehowpricesandincomedeterminewhichconsumptionbundlesareaffordable.2.Consumerchoice.Facedwithabudgetconstraint,theconsumerselectsthebestconsumptionbundlehecan
8、afford.Wellexplainh
