Explain how an optimal decision of a consumer can be achieved by using utility-maximizing theory and revealed preference theory, please explain about how they are different and how they will get the same outcome!

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Explain how an optimal decision of a consumer
can be achieved by using utility-maximizing
theory and revealed preference theory, please
explain about how they are different and how
they will get the same outcome!
Transcribed Image Text:Explain how an optimal decision of a consumer can be achieved by using utility-maximizing theory and revealed preference theory, please explain about how they are different and how they will get the same outcome!
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In a market, consumer satisfaction can be computed using two types of economic approaches that are utility-maximizing approach and the revealed preferences approach.

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