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Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
A car is a durable good. The gasoline that powers it is a non-durable (or consumable) good.. In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use.
Advanced Placement (AP) Psychology (also known as AP Psych) and its corresponding exam are part of the College Board's Advanced Placement Program. This course is tailored for students interested in the field of psychology and as an opportunity to earn Advanced Placement credit or exemption from a college -level psychology course.
This topic is called reliability theory, reliability analysis or reliability engineering in engineering, duration analysis or duration modelling in economics, and event history analysis in sociology. Survival analysis attempts to answer certain questions, such as what is the proportion of a population which will survive past a certain time?
In the psychology of affective forecasting, the impact bias, a form of which is the durability bias, is the tendency for people to overestimate the length or the intensity of future emotional states. [ 1 ]
In industrial organization and in particular monopoly theory, a durapolist or durable good monopolist is a producer that manipulates the durability of its product ...
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant.