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Consider a consumer who is searching for the lowest price for good X . The consumer knows that 7 5 % of the time she

Consider a consumer who is searching for the lowest price for good X

.

The consumer knows that

75 %

of the time she will find a store charging $

10

and

25 %

of the times she will find a store charging seven dollars. The consumer will search again if her marginal cost of searching is constant and is:

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