(Answered) 1 explain how consumers choose goods and services to

Management Studies

1. Explain how consumers choose goods and services to maximize their utility.

2. Answer the following question, Explain how social influences can affect consumption choices.

3. Define and give and example of the following terms: Budget constraint, Behavioral economics, Endowment effect, Marginal utility, Sunk cost.

4. What is the behavioral economics approach?

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