Question
1.What is the objectivist position in economics? 2.What are the two main assumptions of the ordinalist revolution 3.What are the 3 types of utility and
1.What is the "objectivist position" in economics?
2.What are the two main assumptions of the "ordinalist revolution"
3.What are the 3 types of utility and give brief (one line) definitions?
4.What are the intrinsic vs. extrinsic characteristics? (give an example of each)
5.Research shows that on average we overconsume _____ and under consume ____
6.Name some of the reasons we make mistakes in predicting our utility (name as many as you can, there are total of 5)
7.What is the "peak-end" rule?
8.Demonstrate on a simple graph what economists would mean by "overconsuming" one good and "underconsuming" another good.
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