The behavioural economics and framing
Explanation of Solution
According to the behavioural economics, it is highly probable that most people would opt for the package mentioned 80% lean. This is a way of framing that stores undertake to grab the attention of the consumers who are into the lean meat. This is because consumers think that fat is undesirable and therefore, emphasize on the percentage of lean meat grabs the attention of these consumers.
Behavioral economics: Behavioral economics is the subfield of economics that integrates the insights of psychology with it. In other words, it is the approach toward economics which incorporates the psychological, social, and cognitive factors on the economic decisions of the individuals.
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Chapter 19 Solutions
Microeconomics (9th Edition) (Pearson Series in Economics)
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