• Discusseach of the learning outcomes under a separate first-level heading. For example, if a unit has three learning outcomes, then your submission must include at least three first-level headings. Please note: If appropriate first-level headings are omitted, then deductions might be assessed.
• Discuss how at least one of the Learning Outcomes can be applied to aSPECIFICreal-world situation. Please note: A real-world example refers to an actual person, workplace,event, etc. Also note: If you use the wordsiforsupposein your real-world example, then it is unlikely to be a real-world example.
• Include one properly cited reference (quote or paraphrase) from our course text or a peer-reviewed source. Be sure you include in-text citations with your quote or paraphrase.

For example, you coulddiscuss how the course conceptscan be applied tospecificreal-world situations you encounter at home, at work, or in other real-world situations. Lastly,you are welcome to add any other comments you might have on the Unit 4 topics.

Our Week 4 Learning Outcomesare to:

1. Evaluate consumer behavior based on utility theory.
2. Model firm behavior based on revenue and cost data.
3. Identify and explain profit maximizing (or loss minimizing) output levels.
4. Calculate elasticity of demand and relate to business management