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Microeconomics: Economic decision-making I want to buy half a pound of turkey breast at grocery shop for my recipe. It normally sells for $12 per

Microeconomics: Economic decision-making

I want to buy half a pound of turkey breast at grocery shop for my recipe. It normally sells for $12 per pound. Now, I want to purchase it and the price was $16 per pound. (Note that a pound of fresh chicken is $2.49 and beef is $9). There were two other brands of turkey breast priced at $8 and $9 per pound respectively. I was faced with an important economic decision because I consume this product regularly. Help me consider what is the best decision to make by answering the following.

  1. How do you think I should decide whether to buy the turkey breast at the higher price (the normal price is still always higher than the other brands) or substitute to the other brands?
  2. What are the real factors involved here?
  3. what should be my thought process? Assuming, I do have the money to afford either decision.

Instructions:

Please answer the 3 questions and give an explanation separately. Thank you in advance.

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