1. In this chapter, consumer preferences for various commodities did not change during the analysis. In some...

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1. In this chapter, consumer preferences for various commodities did not change during the analysis. In some situations, however, preferences do change as consumption occurs. Discuss why and how preferences might change over time with consumption of these two commodities:

a. cigarettes.

b. dinner for the first time at a restaurant with a special cuisine.

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Microeconomics

ISBN: 9780132080231

7th Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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