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1) State in your own words the principle of revealed preferences. Give an example, your own friends' behavior, where stated values are different from the

1) State in your own words theprinciple of revealed preferences.Give an example, your own friends' behavior, where stated values are different from the values deduced from revealed preferences.

2) Why is the value of (your) life not infinite?

[Hint: Costs and values are measured through revealed preferences, by people's actual behavior and actions]

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