Many young people regard their elders as rigid and conservative; young people are more frequently idealistic or

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Many young people regard their elders as rigid and conservative; young people are more frequently idealistic or radical (in the political, not the val- ley girl sense), and less inclined to follow traditional norms of behavior, etc. This could be a biological phenomena, or changing tastes or acquisition of wisdom with advancing age.

a. Does changing behavior imply changes in taste, such as mentioned above?

b. Assume changing one's behavior patterns is difficult (costly) to individ- uals. Who stands to gain the most from adopting new ways, young or old people, and what does this imply regarding the above observation about differences in behavior by age?

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Principles Of Microeconomics

ISBN: 9780812224177

1st Edition

Authors: Eugene Silberberg And Gregory Ellis

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