Asked by Austin Parker on Jul 14, 2024
Verified
(Table: Willingness to Pay for Basketball Sneakers) The table Willingness to Pay for Basketball Sneakers shows each consumer's willingness to pay for basketball sneakers.Assume that each consumer wants to buy at most,one pair of sneakers.If the price of basketball sneakers is $145,which consumer will purchase sneakers?
A) Jamichael
B) Corey
C) Rudy
D) Ray
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service, reflecting its value to them.
Basketball Sneakers
Footwear specifically designed for playing basketball, offering support, durability, and traction.
- Interpret tables showing willingness to pay and calculate consumer surplus for individuals and markets.
- Understand the relationship between a consumer's willingness to pay, market price, and consumer surplus.
Verified Answer
TM
Thomas MinconeJul 18, 2024
Final Answer :
A
Explanation :
Jamichael's willingness to pay is the only one at or above $145, indicating he would purchase the sneakers at that price.
Learning Objectives
- Interpret tables showing willingness to pay and calculate consumer surplus for individuals and markets.
- Understand the relationship between a consumer's willingness to pay, market price, and consumer surplus.