Question
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.
- 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?
- What are the real factors involved here?
- 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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