Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Chapter 5, Problem 1DQ
To determine
Purpose water and the purpose that is given up when the
Expert Solution & Answer
Explanation of Solution
The major purposes of water are drinking, for cooking foods, for bathing, to feed pest, washing clothes, storing in swimming pools, and so on. When the price of water increases, the user gives up some purposes like storing water in swimming pools and for washing clothes and cuts down the amount of water used for all the other purposes.
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Economics: Principles & Policy
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