Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
Economics of Public Issues (20th Edition) (The Pearson Series in Economics)
20th Edition
ISBN: 9780134531984
Author: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
Publisher: PEARSON
Question
Book Icon
Chapter 7, Problem 4DQ
To determine

The difference between the risks involved in rash driving and overeating. Also, the risks involved in smoking and drinking alcohol.

Concept introduction:

Demand:

The willingness of a consumer to buy a commodity or a service backed with his purchasing power is known as demand.

Supply:

A particular amount of product available in the market at a particular price is known as supply.

Explanation:

The change in the driving behavior and the change in the eating behavior in an adverse way is different from each other. However, both would ultimately lead to the same consequence, that is damage to one’s own self.

The change in driving habits can cause instant loss to a person, as an accident can even kill a person. But on the other side, any change in eating habits would degrade a person’s health slowly and gradually.

In the same way, smoking and excessive alcoholic drinking would not affect a person’s health instantly, but it would degrade the person’s health slowly and gradually.

Blurred answer

Chapter 7 Solutions

Economics of Public Issues (20th Edition) (The Pearson Series in Economics)

Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:9780190931919
Author:NEWNAN
Publisher:Oxford University Press
Text book image
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Text book image
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education