A bottle of wine you bought 15 years ago for $20 now has a market value of

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A bottle of wine you bought 15 years ago for $20 now has a market value of $1,500. Would you sell your bottle at that price or keep it for an important occasion? Would you purchase another bottle of such old wine at that high price?

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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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Question Posted: Apr 12, 2016 07:11 AM

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A bottle of wine you bought 15 years ago for $20 now has a market value of

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It may be more rational or at least consistent to tak...View the full answer

Economics Principles and Policy

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