Which student is more likely to purchase new ones

Reference no: EM13188248

"Students almost always have the option of purcashing a used or new textbook. Although the used book is lower in quality, it also sells for a lower price. Assume that a set of new books costs $1000, and that the set of used books costs $500. Suppose that tuition costs $6000.

Now consider two students. The first is Emily, and her father teaches at her university so she pays no tuition. The second is her friend Courtney who has to pay the full tuition. Using the LAW OF DEMAND, predict and explain which student is more likely to purchase new books and which is more likely to purchase new ones?

Reference no: EM13188248

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