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Answer the following “Application Questions” from your Farnham text.
Chapter 3, Application Problem 6
Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall? Illustrate your answer with examples from this chapter.
Chapter 4, Application Problem 3
Explain what types of biases arise in the different approaches to understanding consumer demand and behavior.
References…
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