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Using a two-period consumer model, explain how the household achieves the highest level of satisfaction.
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- Give examples of several real-world phenomena that can be explained by applying the theory of consumer behavior.How can time be incorporated into the theory of consumer behavior? Explain the following comment: “Want to make millions of dollars? Devise a product that saves Americans lots of time.”How do we predict future utility?
- Erik wants to save more, but whenever a paycheck arrives, he ends up spending everything. One way to help him overcome this tendency would be to: a. Teach him about time inconsistency. b. Tell him that self-control problems are common . c. Have him engage in precommitments that will make it difficult for his future self to overspend.Please see attachment and give proper explanation of the each option givenDistinguish between form, time, and place utility with at least one real example each.
- Critically discuss whether maximising behaviour or satisficing behaviour is the best way to explain consumer behaviourUse diminishing marginal utility theory to explain why people would prefer stable income to receive the same total income but with much more variation week to week.What factors commonly influence a person’s daily buying choices? Select one of these and explain how one might counteract this influence to improve purchasing behavior.