#1
I have scoured the internet looking for information and now I turn to the knowledgeable among you.

Can anyone answer this.

"In economics, we assume that the economic agents are maximisers. What does this mean?"

"Is such an assumption realistic?"

Thanks in advance
#3
It probably means that they try to maximize their potential.

Eliminating unnecessary costs/opportunity costs, maximizing work efficiency, etc.

Is the assumption realistic?
Uhh, we can never reach 100%, but it's realistic in the sense that it's applied as best possible.

I don't know if that's what you're looking for.
#4
I would say that by maximiser they mean to maximize output.

And no it is not a very realistic assumption because sometimes it is important to minimize things in economics.

But don't hold me to that.
#5
Quote by 006schecter
Pay attention in school.

Our teacher didn't explain this or give us notes on this, dumbass

Quote by Archaon
It probably means that they try to maximize their potential.

Eliminating unnecessary costs/opportunity costs, maximizing work efficiency, etc.

Is the assumption realistic?
Uhh, we can never reach 100%, but it's realistic in the sense that it's applied as best possible.

I don't know if that's what you're looking for.

Quote by Seryaph
I would say that by maximiser they mean to maximize output.

And no it is not a very realistic assumption because sometimes it is important to minimize things in economics.

But don't hold me to that.


Do you even know what a maximiser is?
#7
Quote by Shred Head
Our teacher didn't explain this or give us notes on this, dumbass


Do you even know what a maximiser is?



A maximiser is an economic agent that increases (I am just going to use micreoeconomics as an example) the production output without changing the inputs.

For example, a new technological development that allows a company to produce more using the same amount of resources would be a maximiser.

Again, I am pretty sure about this, but it has been 2 or 3 years since I took micro.
#8
Quote by Shred Head
Do you even know what a maximiser is?

Do you know that maximiser has multiple definitions and not every ****ing program follows the same curriculum, therefore uses different terms?

Quit acting like a douche. People are helping you and you're acting snobby?

Do your own ****ing work.
#9
Quote by Seryaph
A maximiser is an economic agent that increases (I am just going to use micreoeconomics as an example) the production output without changing the inputs.

For example, a new technological development that allows a company to produce more using the same amount of resources would be a maximiser.

Again, I am pretty sure about this, but it has been 2 or 3 years since I took micro.

But aren't agents like .... people?

Sorry I sound dumb, I just started economics, and yes, I'm doing microeconomics too