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Application of Theory of Consumer Behavior
As already discussed earlier, the theory is an important tool to interpret and analyse demand curves. Apart from its usefulness as a theoretical tool, it can be applied to practical decision making. It can be useful in any situation where a person or organization has to allocate a fixed amount of money among alternative uses. This model is much more than a theory of consumer behaviour; it is a theory of rational choice. That is, it is a theory which indicates how rational choices should be made. The model helps to assess which factors are important to a decision maker and how these factors should be used or combined to make a decision.
difference between gdp at market price and nnp at factor cost
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factor contribute long run trend of term of trade in developing country
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what happened to the equilibrium price level in Japan during the early 2000s? How did Japan''s equilibrium price level adjust between the middle of 2008 and early 2010?
America can produce 100 shirts or 20 computers and China can produce 100 shirts or 10 computers. With trade, who exports shirts? Which country benefits from the trade?
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Researchers have put forth various theories to explain the observed widening of the income distribution in the United States over the past four decades. First, there has been a sh
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