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Question: Suppose you are in the market for a new car to be used mainly for commuting to work, shopping, running errands, and visiting friends.

a. What are your objectives in this situation? What are some different alternatives?

b. Suppose you broaden the decision context. Instead of deciding on a car for commuting purposes, you are interested in other means of transportation. In this new decision context, how would you describe your objectives? What are some alternatives that you might not have considered in the narrower decision context?

c. How might you broaden the decision context further? (There are many ways to do this!) In this broader context, what new objectives must you consider? What new alternatives are available?

d. Does your planning horizon change when you broaden the decision context in Question b? Question c?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92332338

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