Shopping for prices is a common form of information, Microeconomics

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Shopping for prices is a common form of information

Question: Shopping for prices is a common form of information gathering. Researchers have found that for a given good the prices paid by middle-aged, upper-income, and large households average as much as 10 percent less than those paid by retired, low-income, and small households, respectively. Construct a model of shopping behavior that explains these facts.

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Microeconomics: Shopping for prices is a common form of information

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