To Discuss: The importance of trade-off in buying a vehicle.
Explanation of Solution
The most important trade-off involved in buying a vehicle by consumer is its cost, whether they can afford the price of new vehicle or not, some of the trade-offs while buying a vehicle are as follows:
- Engine:
- Costs:
- Energy Efficient:
Usually the smaller the engine, therefore the less the gas a vehicle burns. Thus, it makes a car with smaller engine less costly to operate but the smaller engine will affect the car performance and it will increase the maintainence cost.
Newer vehicle cost more but they require fewer repairs than an older one.
The smaller the vehicle the more energy efficient it will be. Therefore, if accident occurs, then large autos usually provide better protections for passengers.
Introduction:
The term trade-off is often expressed/known as
Consumers continuously practice marginalize and make trade-off as they considered whether to buy one more unit or unit less of goods and services in their efforts to obtain a mix of goods and services that afford them the greatest satisfaction for their available
Chapter 5 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Principles of Accounting Volume 1
Principles of Accounting Volume 2
Financial Accounting (12th Edition) (What's New in Accounting)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Construction Accounting And Financial Management (4th Edition)
Managerial Accounting (4th Edition)
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education