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.
- Spring '06