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Question: Some friends of yours have been considering purchasing a new home. They currently live 20 miles from town on a two-acre tract. The family consists of the mother, father, and two small children. The parents also are considering having more children, and they realize that as the children grow, they may become more involved in activities in town. As it is, most of the family's outings take place in town. Describe the role that sensitivity analysis could play in your friends' decision. What variables could be subjected to sensitivity analysis?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92332542

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