Revealed Preference (Varian Chapter 7, Figure 7.2)
After this lesson you will be able to…
- Learn how economists infer preferences by observing actual consumer behavior.
- Apply revealed preference theory to bundles on and inside a budget line.
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(0)Using the analogy of a prom night to explain revealed preference (Hal Varian Intermediate Microeconomics, Chapter 7)
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Quiz: Introduction to Revealed Preference Theory
FundamentalsAnswer the following questions based on the video lesson on revealed preference. All answers can be found in the video — no outside knowledge is required.
Practice: Revealed Preference Theory
PracticeAnswer each question using the revealed preference concepts introduced in the video. Show your reasoning for every answer.