Question

How can time be incorporated into the theory of consumer behavior? Explain the following comment:

"Want to make millions of dollars? Devise a product that saves Americans lots of time.

Answer 1

Ans. The phrase which can explain the above question correctly is " Time is Money " . For most of the people , time is the most precious thing. People associate their time with Money , what they make in a stipulated time. If we as a company provide service to the consumer which is worth their time ie if the marginal utility of The service is more than their time , then the consumer would surely avail the service . This is how time can be incorporated into the theory of consumer behavior.

As we have discussed , time is the most precious thing for all. Hence if we help people to save time while providing them the service , this would be equal to saving their money as people could earn more in that spare time. Hence if we devise a product that saves people's time , people would surely buy that product and that product would surely be successful.

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