EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 8220100605932
Author: Blinder
Publisher: Cengage Learning US
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Chapter 5, Problem 1TY
To determine
Explain greater utility.
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Would you call your refrigerator a comfort or a necessity?
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EBK ECONOMICS: PRINCIPLES AND POLICY
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- What factors commonly influence a person’s daily buying choices? Select one of these and explain how one might counteract this influence to improve purchasing behavior.arrow_forwardYour Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the box and do not add the dollar sign.arrow_forwardhow do you find the marginal utilities of the goods with the information provided?arrow_forward
- Do you think that you could consume less by refusingto buy some of the things you regularly buy? If so,what are three of those things? Do you think that thisis something you ought to do? Explain.arrow_forwardCan a company like Priceline.com sell low-priced items such as groceries and telephone calls?arrow_forwardimpacts of marginal utility. Imagine that you are a seller of phones: How can you increase the consumer demand curve by helping increase the marginal utility for consumers? Detail specific steps to take and provide examples.arrow_forward
- Your gym offers two classes at the same time:weightlifting and yoga. Both classes are includedin your membership and have space available.Your friend tells you he wants to work on hisstrength and take the weightlifting class, but youalways see him in yoga class. Which class giveshim more utility? How do you know this?arrow_forwardWhat are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla?arrow_forwardIf you buy less clothing because the price of clothing at your favorite store has gone up, what are you experiencing?arrow_forward
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