You are working from an assumption of equal income / wealth. May I ask, are you a libertarian economist? :-) This is what I find almost baffling about that—the idea that price offered for a product reflects merely how much people like it. And not how much they actually afford...
You are working from an assumption of equal income / wealth. May I ask, are you a libertarian economist? :-) This is what I find almost baffling about that—the idea that price offered for a product reflects merely how much people like it. And not how much they actually afford...
Good point, but they are neighbours, so that’s most likely at least in the ballpark of being correct.
No, I was just assuming that Bob was one. :-)