Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comment on the consumer's choices. Make sure to include behavioral economics ideas that are present in the anecdote. At the Museum of Natural History in

image text in transcribed
image text in transcribed
Comment on the consumer's choices. Make sure to include behavioral economics ideas that are present in the anecdote. At the Museum of Natural History in New York City, residents of the states of New York, New Jersey, and Connecticut are allowed to pay what they like. Froncene is a resident of New York State and while reserving her ticket, she decides to pay $10. When she arrives at the museum, she nds that, although she had reserved a specic time, a long line had formed. The queue snaked out the door down the steps and ended a quarter of a mile down the sidewalk. Froncene is determined to visit the museum regardless of the wait since she made a reservation, so she decides to wait in line. While in line outside of the museum, she feels that it's not right that after making a reservation she should have to wait in line, so she decides she will not pay any money for the ticket. Thirty minutes later, when inside the museum, she reads that the proceeds of the museum tickets go toward, among other things, subsidizing school groups visiting the museum and many scientic research grants. She also sees that the suggested payment is $23. Seeing all of this, Francene decides to pay $20 instead of nothing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics For Environmental Studies A Strategic Guide To Micro-And Macroeconomics

Authors: Alfred Endres, Volker Radke

2012th Edition

364231192X, 978-3642311925

More Books

Students also viewed these Economics questions