Asked by ?????? ??????? on May 08, 2024
Verified
(Table: Willingness to Pay for Basketball Sneakers) The table Willingness to Pay for Basketball Sneakers shows each player's willingness to pay for basketball sneakers.Assume that each player wants to buy at most,one pair of sneakers.If the price of basketball sneakers is $99,how many pairs will be purchased?
A) one
B) two
C) three
D) four
Willingness to Pay
The maximum price at which a consumer will buy a good or service.
Basketball Sneakers
Athletic shoes designed specifically for playing basketball, offering features such as enhanced grip, ankle support, and shock absorption.
- Examine tabulated data on payment willingness and derive consumer surplus for both individual consumers and the market aggregate.
- Calculate the combined consumer surplus in transactions with multiple participants and differing payment willingness.
- Apprehend the linkage between the willingness of a consumer to spend, the price set by the market, and the surplus accruing to the consumer.
Verified Answer
GL
Gabriella LucarelliMay 11, 2024
Final Answer :
D
Explanation :
Without the table, it's impossible to determine the exact number of players willing to pay $99 or more for basketball sneakers. However, the correct answer suggests that four players are willing to pay at least $99 for a pair of sneakers.
Learning Objectives
- Examine tabulated data on payment willingness and derive consumer surplus for both individual consumers and the market aggregate.
- Calculate the combined consumer surplus in transactions with multiple participants and differing payment willingness.
- Apprehend the linkage between the willingness of a consumer to spend, the price set by the market, and the surplus accruing to the consumer.
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