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NeX [460]
3 years ago
10

Behavioral economists attribute some consumer behavior to the endowment effect. Which of the following is an example of the endo

wment​ effect? An example of the endowment effect is: A. buying lottery tickets with an expected value that is less than their price. B. being unwilling to sell a vase for a price that is greater than the price you would be willing to pay to buy the vase if you​ didn't already own it. C. being willing to will your descendents a car upon your death that you otherwise could have sold for a substantial price. D. being unwilling to sell a painting that you already own. E. taking into account nonmonetary opportunity costs such as the value of your time.
Business
1 answer:
Andrews [41]3 years ago
7 0

Answer:

B. being unwilling to sell a vase for a price that is greater than the price you would be willing to pay to buy the vase if you​ didn't already own it

Explanation:

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3 years ago
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A consumer is consuming at a point on her budget line. Her income is $50 a week, and she purchases hamburgers and grilled cheese
Ivahew [28]

Answer:

Each grilled cheese costs $1.25

Explanation:

Giving the following information:

Her income is $50 a week. Hamburgers cost $4, and she consumes 10 of them. She consumes eight grilled cheese sandwiches.

To calculate the price of the grilled cheese sandwiches, we need to use the following equation:

Income= cost of hamburgers*number of units + cost of grilled cheese*number of units

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3 0
3 years ago
A certain store sells all maps at one price and all books at another price. On Monday the store sold 12 maps and 10 books for a
solong [7]

Answer:

(B) $0.50

Explanation:

The total cost is a function of the number of maps sold and the number of books sold. To determine the cost of each, a set of equations have to be solved simultaneously.

Let the cost of a map be m and that of a book be b

12m + 10b = 38

20m + 15b = 60

6m + 5b = 19

4m/3 + b = 4, b = 4 - 4m/3

6m + 20 - 20m/3 = 19

2m/3 = 1

m = 3/2 = 1.50

b = 4 - 4m/3

b = 4 - 2 = 2

The cost of a book is $2 while that of a map is $1.50

Hence a map sell for $0.50 less than a book.

7 0
3 years ago
As Bart Brownlee approached retirement, he decided the time had come to invest some of his nest egg in a conservative fund. He c
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Commision to be paid :

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What year was the sale of goods and supply of services act passed ?
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