A study of consumer search for liquid detergents estimated that a doubling of income decreased the amount of search by roughly _________  (1, 14, 50, 70) percent.

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Application 5 INCOME AND CONSUMER SEARCH APPLYING THE CONCEPTS #5: How does opportunity cost affect consumer search? P A recent study explores the relationship between consumer search and income. The opportunity cost of search depends on income because 1 hour of search means 1 less hour available for earning income. The study examines search behavior for liq- uid detergents, and shows that a doubling of income increases the cost of search and decreases the amount of searching by about 14 percent. In addition, consumer search on workdays is more costly and thus less extensive than on weekends. Related to Exercise 5.6. SOURCE: Based on Nitin Mehta, Surendra Rajiv, and Kannan Srinivasan, "Price Uncertainty and Consumer Surplus: A Structural Model of Consideration Set For- mation," Marketing Science 22 (2003), pp. 58-84.