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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Individuals who buy second homes usually spend less for them than they do for their first homes. Why is this the case?

To determine

Explain why people spend less money for the second hand items.

Explanation

Generally, people spend less money for the second hand items than they do for the first hand items. This is mainly because of the marginal utility associated with the products. Marginal utility is the additional utility accruing from consuming an additional unit. In the case of homes, whenever people buy a second home, the marginal utility in te...

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