Draw Vroom's Expectancy Model and Explain the Theory as Illustrated

question 33

Essay

Draw Vroom's expectancy model and explain the theory as illustrated in the model.

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Definitions:

Consumer

An individual or group that purchases goods and services for personal use.

Indifference Curves

A graphical representation showing combinations of two goods that give a consumer equal satisfaction and utility, reflecting preferences.

Perfect Substitutes

Goods or services that can be used in exactly the same way, such that the consumer is indifferent between one and another.

Perfect Complements

Goods that are consumed together in fixed proportions, where the use of one item increases the value or necessity of the other.