How Do Social Media Platforms (Facebook, Instagram, Twitter, Etc

question 65

Essay

How do social media platforms (Facebook, Instagram, Twitter, etc.) influence what you purchase? Do you find that your consumption habits are often based on what your family, friends, or even celebrities are displaying online? Please explain your answer using examples. If you do not use social media platforms, please explain how these platforms are able to shape the consumption habits of others.

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Definitions:

Lagrangian Technique

A mathematical method used in economics and engineering to find the maximum or minimum values of a function subject to constraints.

Optimal Capital/Labor Ratio

The most efficient mix of capital and labor that maximizes output or minimizes cost for producing a given level of output.

Production Function

An equation that describes the maximum output of a firm, given the quantity of inputs.

Variable Cost Function

A mathematical representation of the costs that vary with the level of output or activity, unlike fixed costs.