How much more do the Chefs value the high-end woks to the low-end woks?

A) $20
B) $30
C) $40
D) $50

High-End Woks

Premium quality woks that are often superior in material and performance, catering to a niche market.

Low-End Woks

Cooking utensils designed for stir-frying that are affordable and targeted towards budget-conscious consumers.

Chefs

Professional cooks who are responsible for preparing meals, often specializing in particular cuisines, in restaurants or other establishments.

Comprehend the idea of price discrimination and its various types.
Elucidate the function of consumer surplus and producer surplus within the context of pricing strategies.

Verified Answer

Final Answer :

Explanation :

The Chefs value the high-end woks at $70 and the low-end woks at $30, so the difference is $40. Therefore, the correct answer is C.

Learning Objectives

Comprehend the idea of price discrimination and its various types.
Elucidate the function of consumer surplus and producer surplus within the context of pricing strategies.