Top Posters
Since Sunday
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
r
4
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Tidy Tidy
wrote...
Go to Answer
Posts: 4852
Rep: 38 0
8 years ago
Assume that you had a ticket for a basketball playoff game that you bought for $50, the maximum price you were willing to pay. If a friend of yours offers to buy the ticket for $100 but you decide not to sell it, how can your decision be explained?
A) You expect to receive greater utility from attending the playoff game than you received from buying the ticket.
B) by the endowment effect
C) by the law of diminishing marginal utility
D) The income effect from the increase in the price of the ticket from $50 to $100 was greater than the substitution effect.
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
Read 165 times
2 Replies
Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
Replies
Answer verified by a subject expert
Chimelo46Chimelo46
wrote...
#1
Top Poster
Posts: 5641
Rep: 449 0
8 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

wrote...
#2
8 years ago
The textbook reference in your signature really helped me narrow it down.

Happy to help Wink Face
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1270 People Browsing
 121 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 192
  
 71
  
 581
Your Opinion
What's your favorite math subject?
Votes: 293
Previous poll results: Who will win the 2024 president election?