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3).
Economics refers to how best to use limited resources to satisfy unlimited once, and centers on the issue of scarcity. That is, because there are limited resources, individual have to make choices, by making choices, there are trade-offs, the cost of the next best alternative after a choice is made, is called the opportunity cost of that particular action (Miller, 2006, p. 2). Using marketing textbooks and then reselling them will cause them to lose value and as such we expect the demand to be highly elastic at that stage, that is, consumers overall are very responsive to price changes, since using marketing textbooks second hand means that there are other options...
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