WTKR: Is it cheaper to pack your lunch or buy it? An economist examines the cost

Summary

Peter McHenry, Paul R. Verkuil Professor of Public Policy and Economics, weighed in on the economics of the decision to pack or buy.

Full Description

"Peter McHenry, Paul R. Verkuil Professor of Public Policy and Economics and Department Chair, says the comparison between the two may not shift as much as people expect.

'If prices rise at the grocery store and prices rise at restaurants, the comparison between the two might not change all that much,' McHenry said.

A review of recent grocery receipts shows a packed lunch — including a sandwich, fruit, a drink, and a snack — comes out to about $3. By comparison, a fast-food combo meal can run anywhere from $8 to $14. A sit-down lunch with tip averages around $18.

But McHenry says the decision isn't purely financial. He says economics is about understanding how and why people make the choices they make, which means factoring in more than just dollars."

Read full article at wtkr.com.