Source: EconLog
by Bryan Cutsinger
“Question: Russ buys 5 sirloins per week. True or false: If the price of sirloin rises by $5 apiece, and if Russ’[s] preferences and income remain constant, he will have $25 a week less to spend on other things. Solution: One of the first things I emphasize in my micro principles course is that the behavioral patterns we observe in the real world are shaped by prices. When prices change, so does behavior.” (10/16/25)
https://www.econlib.org/econlog/let-them-eat-steak-cutsingers-solution/