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1、TransactionUtilityandConsumerPricing2Supposeyouwereinanupscale,yetunfamiliar,restaurantandwhileperusingthemenuyoucomeacrossyourfavoritedish.Itsoundsdelicious,butitisveryexpensive.Youconvinceyourselfthatitwillbeworththepricegiventhereputationoftherestaurant:Thiswillbesomethingsp
2、ecial.Whenthefoodarrives,itlooksdifferentfromwhatyouhadexpected.Youtasteitandaredisappointed.Thesaucethatisintegraltoyourpreferenceforthefoodisallwrong.Infact,itissobitterthatitmakeseatingthefoodsomewhatunpleasant.Nevertheless,youconvinceyourselftoeatbecauseyoupaidsomuchforthem
3、eal.Whyshouldyouletallthatmoneygotowaste?Theconsumerisconstantlyfacedwithdecidingwhattobuyandhowmuchtobuy.Tomakethesedecisions,theymusttakeintoaccountthepotentialgainorlossfromthepurchase.Cost–benefitanalysisisastapleofeconomicpolicyanalysisandbusinessplanning.Thisanalysisrequir
4、esonetotallyallpotentialincomeorbenefitfromaprojectandpotentialcosttoengageintheproject.Theideaisthatiftheplannedbenefitofaventureexceedsthecost,itmaybeaworthwhileventuretoengagein.Moretothepoint,ifasetofchoicesaremutuallyexclusive(i.e.,onecannotchoosemorethanoneoption),thenanind
5、ividualorfirmshouldchoosetheoptionwiththehighestnetbenefit,definedastotalbenefitminustotalcost.Inasmuchasthepriceofagood,aswellastheatmosphere,cansignalquality,pricecanperhapsinfluencetheexpectationsoftheconsumer.Thiscouldinturninfluencetheconsumer’swillingnesstopayforthegood.Questio
6、nsofhowmuchtoconsumeshouldfollowthesimpleeconomicruleofequatingmarginalcostandmarginalbenefit.Solongasinitialconsumptionproducesmorebenefitsthancosts,oneshouldconsumeuntilthecostofthemarginalgoodincreasesand/orthebenefitofthemarginalgooddecreasestothepointthatthereiszeronetbenefitf
7、orcon-sumptionofthenextunit.Ifonereachesaconstraintonconsuming(suchasfinishingtheentiredishonehasbeenserved)beforenetbenefitsarereducedtozero,thentheconsumershouldconsumeallthatispossible.Inmanyofourexperienceswetakepriceoratmosphereasasignalofthequalityofagood.Aswell,wemightorde
8、ritemsinarestaurantthatleaveuswantingmorewhenwehavefini
