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Explain briefly the conceptual difference between choice based on maximization of a single objective versus choice based on maximization of multiple objectives. Give a specific example of where a decision maker is making a choice with multiple objectives, with a single objective. Finally, suppose there are two potential objectives, but this particular decision maker cares only about one of those objectives and not at all about the other. Draw a diagram with the amounts of each objective on the axes, and then show what his indifference curves look like.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91709220

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