Illustrate what fee customers were willing to pay

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Reference no: EM1317691

Q. "In recent times, a bank was trying to decide illustrate what fee to charge for "expedited payments" - payments that the bank would transmit extra-speedily to enable customers to avoid late fees on cable TV bills, electric bills and the like. To try to illustrate what fee customers were willing to pay for expedited payments, the bank conducted a survey. It was able to determine that many of the people surveyed already paid fees for expedited payment services that exceeded the maximum fees that they said they were willing to pay. Explain how does the bank's Find outing relate to economist's traditional focus on illustrate what people do, rather than illustrate what they say they will do?

Reference no: EM1317691

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