Define the role of the mathematical concepts of maximization

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Question: 1. Define the role of the mathematical concepts of maximization and equilibrium in microeconomic theory.

2. Define and distinguish between productive efficiency and allocative efficiency.

3. What are consumers assumed to maximize? What are some constraints under which this maximization takes place? Describe the individual consumer's constrained maximum. Can you characterize this constrained maximum as a point where marginal cost and marginal benefit are equal?

Reference no: EM131908850

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