Question: 1. Why is it utility is difficult to quantify? Explain. 2. Briefly explain the following by giving a real world example: a. Prospect theory -

1. Why is it utility is difficult to quantify? Explain.

2. Briefly explain the following by giving a real world example:

a. Prospect theory -

b. Losses and shrinking packages -

c. Framing effects and advertising -

d. The endowment effect -

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