on 28-Nov-2016 (Mon)

Start by looking at a few of your key competitors’ homepages and other key landing pages, and then compare load times, page weight, and other key metrics with your own website. The goal here isn’t to just match their metrics. You want to make sure you are beating them by 20% or more.

Although consumer choice theory attempts to model consumers’ preferences or tastes, it does not have much to say about whyconsumers have the tastes and preferences they have. It still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences. Note that economists are not attempting to predict the behavior of any single consumer in any given circumstance. Instead, they are attempting to build a consistent model of aggregate market behavior in the form of a market demand curve.

The important point to note is that the utility function is just a ranking of bundles of goods. If someone were to replace all those pieces of paper with new numbers that maintained the same ranking, then the new set of numbers would be just as useful a utility function as the first in describing our consumer’s preferences. This characteristic of utility functions is called an ordinal, as contrasted to a cardinal, ranking. Ordinal rankings are weaker measures than cardinal rankings because they do not allow the calculation and ranking of the differences between bundles.