ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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PS2(1) Is it rational to buy more of something if the price goes up? Why or Why Not?
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Transcribed Image Text:PS2(1) Is it rational to buy more of something if the price goes up? Why or Why Not?
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Step 1: Define key term:

Rational: In the context of economics and decision-making, being rational means making choices and decisions that are logically consistent and maximize utility or satisfaction, given the available information and constraints. Rational individuals aim to make choices that are in their best interest, weighing the costs and benefits of different options.

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