Need help wiht Principles of Microeconomics- Behavioral Economics
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400–600 words
DUE TOMORROW!!!!!!
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George Foreman was a professional boxer who made a comeback by endorsing grills. Foreman does not own the company that makes the grills, but he became the face of the brand. At first, people were not certain whether he was an expert on grills or fat-free cooking, but Foreman soon became thought of as the expert on this product and this type of cooking. Think of the concept of utility and how Foreman’s role as a celebrity endorser affects the marginal utility of these grill products. Be substantive and clear, and use examples to reinforce your ideas. Answer the following:
- How do people’s budget, income, and substitution effects fit in?
- How do you think this influences the demand curve for indoor grill products?
- Are these choices made rationally? (answer must be detailed and more than one sentence)
Provide 2 in-text citations,references with web addresses in APA Format.
