2min chapter

Think Like An Economist cover image

S E8: The Law of Demand - How You Choose to Buy

Think Like An Economist

CHAPTER

The Interdependence Principle

You can start to think about it by considering what happens to your demand for tea if the price of coffee falls so low that you actually buy a cup. Experiment in this way, and you'll end up acting as if you're following the rational rule for buyers. If buying more makes your life better, you'll stick with it. That's because the marginal benefit outweighed price of an extra cup. And don't forget to take account of your next best alternative.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode