Purchase particular type of cell phone

Assignment Help Business Economics
Reference no: EM13860968

Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Kate's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80. Which of the following statements is correct?

a. For the three individuals together, consumer surplus amounts to $35.

b. Having bought the cell phone, Kristen is better off than she would have been had she not bought it.

c. Had the price of the cell phone been $95 rather than $80, Katie and Kendra definitely would have been buyers and Kristen definitely would not have been a buyer.

d. The fact that all three individuals paid $80 for the same type of cell phone indicates that each one placed the same value on that cell phone.

Reference no: EM13860968

Questions Cloud

Equilibrium price in the market for widgets : Suppose that the equilibrium price in the market for widgets is $5. If a law reduced the maximum legal price for widgets to $4:
Theories of disruptive innovation and value innovation : Critically analyze, compare, and contrast the theories of disruptive innovation and value innovation. This means you will need to define each theory and then compare and contrast these theories: How are they alike? How are they different
How to improve the quality of the key assignment : Your first task is to post your own Key Assignment Outline to the discussion area so that other students are able to review your plan. Attach your document to the main discussion post, and include any notes you feel are appropriate.
Kind of predominant derivative contracts : Identify the Microsoft's derivative strategy and what kind of predominant derivative contracts the company uses. Describe you reasoning why the company uses a particular kind of derivative contract.
Purchase particular type of cell phone : Suppose Katie, Kendra, and Kristen each purchase a particular type of cell phone at a price of $80. Kate's willingness to pay was $100, Kendra's willingness to pay was $95, and Kristen's willingness to pay was $80. For the three individuals together,..
Analyze the relationship between business and society : The specific course learning outcomes associated with this assignment are: Analyze the relationship between business and society, and the ways in which they are part of an interactive system. Recommend ways stakeholders can influence the destiny ..
How can i support https in a servlet : 1) What is SSL? 2) How can I support HTTPS (SSL) in a servlet? 3) How can I download a file (for instance, a Microsoft Word document) from a server using a servlet and an applet?
What''s the difference between toc and lean : What's the difference between TOC and Lean?  Is one a subset of the other? Are they compatible? How could Lean have been applied in the movie "The Goal"?
Mike mitchell left the bank of montreal : Mike Mitchell left the Bank of Montreal to become Vice President of Human Resources at the North American branch of the Swiss Bank Corporation (SBC) in the autumn of 1986.  It was a move up for him in terms of status, responsibility, monetary compens..

Reviews

Write a Review

Business Economics Questions & Answers

  The interest-only mortgage typically converts later

The "interest-only" mortgage typically converts later to a. Many years ago, the traditional mortgage loan structure specified. "Exotic" mortgages became popular in part because they allow someone of. Other things equal, increasing home prices tend to..

  Illustrate what does cost-of-carry of futures

Illustrate what is repayment amount if you make a cash loan. Illustrate what does cost-of-carry of futures or forward pricing mean? Explain how is it related to storage cost of gold.

  Compute the stock current yield-capital-gains yield

Compute the stock's current yield, capital-gains yield, and the return. Show your work for three separate calculations.

  Suppose that two recent studies conclude-increased fiber

Suppose that two recent studies conclude that increased fiber in the diet does not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:

  Evaluate the financial performance of the automotive segment

Evaluate the financial performance of the automotive segment of GPC from 2007 to 2011.

  Change affect the demand for loanable funds in world markets

If the world’s poor nations began to nationalize all outside investments (such as oil companies) thereby appropriating/stealing the investment from foreign companies, what would happen to the investment demand function in those countries? How would t..

  Demand-supply analysis and the american revolution

Demand-Supply Analysis and the American Revolution a. Before the American Revolution, the British government required that all imports to the colonies from outside the British Empire were first shipped to England (part of the Navigation Acts). A Bost..

  Communities growing closer together

Do you see our communities growing closer together or further apart. One page double spaced.

  What is value of marginal propensity to consume

What is value of marginal propensity to consume (MPC) in this model Marginal propensity to save (MPS).

  Pair-wise hypothesis tests

Suppose that we are testing whether five population means are equal to each other. We would normally use ANOVA for that, but suppose that we carry out separate hypothesis tests in which we compare the five means to each other, two at a time. Using a ..

  Qthis question uses the general monetary model where l is

q.this question uses the general monetary model where l is no longer assumed constant and money demand is inversely

  Suppose that the most popular car dealer in your area sells

Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car dealers..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd