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If you purchase a gift worth $50 for your sister, but your sister would be willing to pay only $30 if she bought the item
If you purchase a gift worth $50 for your sister, but your sister would be willing to pay only $30 if she bought the item for herself, then the Multiple Choice total utility of the gift is $80. loss of value in the gift is $20. marginal utility of the gift is $20. total utility of the gift is $20
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Introduction to Behavioral Economics
Authors: David R. Just
1st edition
0470596228, 978-0470596227
