econ question 4

econ question 4 - outweigh the cost The friend however...

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KK Carothers Econ 101 Lin Zheng Question of the week #4 27 February 2008 Although students make purchases in the same Ithaca market for identical prices, they do not experience equal levels of happiness per dollar spent because every individual has different values. Harold Winter highlights this concept in Trade-Offs by demonstrating how someone may question his friend’s purchase of an unattractive garment for a certain amount of money, claiming that the benefit of the item does not
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Unformatted text preview: outweigh the cost. The friend, however, obviously believes that the transaction satisfies his desires; otherwise, he would not buy the item initially. Individuals have specific needs and wants that differ from others, and price does not necessarily reflect value. Value is subjective to the individual. Not all students experience the same incremental happiness because of this varying range of the evaluation of values....
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This note was uploaded on 03/30/2008 for the course ECON 1110 taught by Professor Wissink during the Spring '06 term at Cornell.

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