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Theoretical Tools of Public Finance

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  Theoretical Tools of Public Finance  Questions to keep in mind ã How do individuals choose how much to consume or how hard to work? ã How do firms choose how much to produce? ã What is the theoretical effect of raising cash welfare benefits on economic efficiency?  ã Theoretical tools are the set of tools designed to understand the mechanics behind economic decision making. ã Empirical tools are the set of tools designed to analyze data and answer questions raised by theoretical analysis.  Constrained Utility Maximization ã Utility Function is a mathematical function-representing an individual’s set of preferences, which translates ger well -being from different consumption bundles into units that can be compared in order to determine choice. ã Constrained utility maximization is the process of maximizing the well-being (utility) of an individual, subject to her resources (budget constraint). ã Models is mathematical or graphical representations of reality.
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