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Should economist keep using the given assumption

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Reference no: EM132632050

Question: Economists represent consumer preferences using a utility function and assume they always need to make trade-offs when making choices. Behind this model of choice are assumptions about the way people make choices and the world. Choose one of these assumptions and provide a criticism of this assumption and a defense of it. Overall, should economist keep using this assumption?

Reference no: EM132632050

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