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1 (a) Assess the usefulness of the Rational Consumer Choice model in predicting the behaviour of consumers with a specific set of preferences and a

1 (a) Assess the usefulness of the Rational Consumer Choice model in predicting the behaviour of consumers with a specific set of preferences and a given budget. (50 marks)

2 (b) To what extent do you agree that consumers do in fact always behave in a rational manner?In your answer you should consider the work of Thorstein Veblen and the contribution of behavioural economics to the discussion. (50 marks)

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