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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

A man asks his brother for $400 to buy a television set. His brother gives him the money, and the man buys a television set. Is it guaranteed that the brother’s $400 went to buy the television set? Why or why not?

To determine

Explain the scenario whether it is guaranteed that the brother’s money is used to buy the television set.

Explanation

According to the scenario, the brother gives money $400 to buy a television set. According to the utility theory, the individual will purchase goods, which give him higher utility. However, a television set is not considered as a nec...

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