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What is the difference between stated preference and revealed preference when it comes to consumer behavior?
Stated preference refers to what consumers say they prefer, while revealed preference is based on their actual choices and behavior. Stated preference is based on surveys or hypothetical scenarios, while revealed preference is observed through real-life actions such as purchasing decisions.
What else can I help you with?
How a indifference curve is different from marshellian cardinal utility curve?
Indifference curve: ordinal-based preference structure, based on WARP (weak axiom of revealed preferences). Marshellian: cardinal-based preference structure.
Describe the difference between corporate revealed ethics and corporate applied ethics?
Corporate revealed ethics presents the worth of information that enhances value for its company's shareholders. Corporate applied ethics, on the other hand, results in a positive image for the company to its shareholders, thus, resulting in the improvement of the satisfaction level for its investors.
Can two goods be inferior?
No,two goods cannot be inferior at the same time.We know that the demand for the inferior goods decreases with increase in income. suppose the income increases, to compensate this increase and to satisfy the new budget line and with the assumption that the consumer is rational,the amount of any one of the good must increase so as to leave the consumer with a bundle on his new budget line .If both the goods are inferior then the amount demanded of both these goods would decrease thus violating the axiom of revealed preferences. even if they are one of the good would be relatively more inferior to the other.
How does a free market ensure an effcient allocation of resources?
According two the first two fundamental theorems of welfare economics, if there exist a series of economic agents each with a set of initial resource allocations who are able to buy/sell and satisfy the weak axiom of revealed preference (WARP), then their optimal allocation is also Pareto efficient; and, if a Walrasian equilibrium solution to this market exists, it must also be Pareto efficient. Therefore, any market satisfying these mathematical properties possesses a price vector that will ensure Pareto efficiency.
What is the importance of tawrat?
The Tawrat, or Torah, is significant in Judaism as it comprises the first five books of the Hebrew Bible, serving as a foundational religious text that outlines laws, teachings, and the covenant between God and the Israelites. It guides ethical behavior, religious practices, and community life, shaping Jewish identity and tradition. Additionally, the Tawrat is respected in Islam, where it is considered a holy scripture revealed to Moses, highlighting its importance in interfaith dialogue and understanding.
Can you provide a review of a case study related to the impact of social media on consumer behavior?
A case study on the impact of social media on consumer behavior found that social media platforms greatly influence purchasing decisions. The study revealed that consumers are more likely to trust recommendations from friends and influencers on social media, leading to increased brand engagement and sales.
What are the release dates for Street Behavior - 2012 Revealed 1-5?
Street Behavior - 2012 Revealed 1-5 was released on: USA: 19 January 2013
How do you use canvas and canvass in one sentence?
The canvass of sailors revealed a preference for Dacron over canvas sails.
How does information provided by the government influence consumer decision?
Consumers do not buy products revealed to be dangerous.
How a indifference curve is different from marshellian cardinal utility curve?
Indifference curve: ordinal-based preference structure, based on WARP (weak axiom of revealed preferences). Marshellian: cardinal-based preference structure.
What is the difference between revealed law and natural law?
Revealed law is given by God explicitly in the Holy Scripture and natural law is discernible by man
What is an explanation of the revealed preference theory?
The Revealed Prfeference Theory has been propunded by Prof.Samuelson. This theory has been based upon behaviorial ordinal oproach.This theory known as Consumption theory and different from Hicks and Marshall utility theory of the demand.
What is the difference between a microscope picture and a macroscopic picture?
This is a big difference of scale; at microscopic scale more details are revealed.
What is the difference between a microscopic picture and a macroscopic picture?
This is a big difference of scale; at microscopic scale more details are revealed.
What does Brutus reveal is the true reason for passion of some difference?
He revealed that he was a complete weirdo
What are the difference between Catholic and taoism?
Taoism is a natural philosophy, Catholicism is a revealed religion.
Is jay Leno catholic-?
He grew up a catholic but it does not seem he is anymore
