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Paul Anthony Samuelson, an American economist, introduced the concept of revealed preference in 1938 and argued that customer behavior, given income and the item's price remain constant, is the most significant predictor of their preferences.
Weak Axiom of Revealed Preference (WARP) is an acronym for Weak Axiom of Revealed Preference. This is an aspect of Paul Samuelson's Revealed Preferences hypothesis. When a customer has a limited budget, he or she will always choose a package that meets their needs. In other words, customer behavior aligns with utility maximization.
WARP is a consumer behavior theory in which the customer always opts for the most cost-effective package.
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