Suppose you were given a choice to select from a menu of items in your employee benefits package. The menu might include medical coverage ($1,500 deductable), life insurance equal to a year's salary, vacation time based on length of employment with the company and retirement pay equal to 8 percent of income. Comment on how such a "flexible benefits package" would affect your preference between higher wages and more benefits. Use the theory of consumer behavior in your answer. Please answer in question in more than 250 words.
This is a managerial economics course. Please do not copy directly from the internet or chegg.com, if so I will not pay for this question.