20, pp. Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior. a) sketch the rational function showing only the regions of the curve that are relevant in the context of this problem (ie. You may research and find one that interests you or you can choose one of the following: Photography Economics Medicine Music If you choose one of the options not on this list, please send your topic to your teacher for approval. A linear cost function has the form C(q) = mq + b; where the vertical intercept b is called the xed costs, i.e. Part 2: Compiling Research Begin compiling research on your chosen topic. 4 Applications of Functions to Economics The goal of this section is to exhibit some functions used in business and eco-nomics. He used the term to describe the many economic situations […] The basic premise of rational choice theory is that aggregate social behavior results from the behavior of individual actors, each of whom is making their individual decisions. The material covered extends from the original memoirs of Fatou and Julia to the recent and important results and methods of The theory of rational expectations was first proposed by John F. Muth of Indiana University in the early 1960s. This book makes available a comprehensive, detailed, and organized treatment of the foundations of the theory of iteration of rational functions of a complex variable. 2091-2119. (2019). Rational definition is - having reason or understanding. How to use rational in a sentence. an appropriate domain) The graph of the function is a hyperbola. It only makes sense to skatch a graph for 0