Pearson eText Microeconomics -- Instant Access (Pearson+)
9th Edition
ISBN: 9780136879572
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON+
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Chapter 19, Problem 1RQ
To determine
The behavioural economics and framing
Expert Solution & Answer
Explanation of Solution
According to the behavioural economics, it is highly probable that most people would opt for the package mentioned 80% lean. This is a way of framing that stores undertake to grab the attention of the consumers who are into the lean meat. This is because consumers think that fat is undesirable and therefore, emphasize on the percentage of lean meat grabs the attention of these consumers.
Economics Concept Introduction
Behavioral economics: Behavioral economics is the subfield of economics that integrates the insights of psychology with it. In other words, it is the approach toward economics which incorporates the psychological, social, and cognitive factors on the economic decisions of the individuals.
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Chapter 19 Solutions
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