1. Identify some reasons why household income differ. Which factor is the most important? 2. Consumer choice theory assumes that consumer are rational but we observe a person behaving differently in apprantly similar situations. Is it realistic to think that we account for rational behaviour in every situation?

1. Identify some reasons why household income differ. Which factor is the most important? 2. Consumer choice theory assumes that consumer are rational but we observe a person behaving differently in apprantly similar situations. Is it realistic to think that we account for rational behaviour in every situation?

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 2.5P

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