A. State the two principles of Behavioral Economics used to identify an individual's estimated value of a good. 2
B. Construct a "fuzzy demand curve" with an associated price axis that ranges from $150 to $450 for Good LM-a self-propelled robotic electric lawnmower that can operate for two hours without re-charging and can cut grass that is 2 inches tall. C. Assume Good LM is initially priced at $300. Return to the "fuzzy demand curve" in 4D and identify the complete segment of consumers who are willing and able to purchase Good LM. D. Assume three new suppliers introduce self-propelled robotic lawnmowers that can operate for three hours without re-charging and can cut grass that is 3 inches tall-and these Goods are priced at price $350. Adjacent to your fuzzy demand curve in A, construct a new "fuzzy demand curve" with an associated price axis and quantity axis for Good LM after the introduction of the three new lawnmowers.