Question
Each of the following consumers exhibit behavior that violates one of the basic assumptions of consumer preferences. Identify the assumption that is violated for each
Each of the following consumers exhibit behavior that violates one of the basic assumptions of consumer preferences. Identify the assumption that is violated for each individual.
a) Jay says that he can watch 2 movies a week but couldn't watch another movie after that.
b) Allen says that he prefers going to a movie over hiking. He also indicates that he prefers hiking to swimming. Allen then states that he would rather go swimming than go to a movie.
c) Jaclyn says that she prefers hiking to watching a movie but can't determine her preferences for swimming.
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