Reference no: EM132484654
Supply and Demand - End of Chapter Problem
In the United States, the biggest shopping day each year is "Black Friday," the day after Thanksgiving. Every Black Friday, the local branch of a major retailer makes this offer to the public: the first 100 54-inch HD flat-screen televisions sold will sell at the discounted price of $50 each. Customers line up before the store opens its doors to take advantage of this tremendous bargain.
a. In this scenario, what is the "price" of a 54-inch flatscreen television?
The "price" is $100, not the discounted sticker price of $50.
The "price" is the sticker price plus the value of the time a customer must spend waiting in line.
The "price" is the value of the time a customer must spend waiting in line.
The "price" is the sticker price of $50.
b. Suppose the retailer offers the first 500, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.
c. Now Suppose the retailer offers the first 50, instead of the first 100, televisions at $50 apiece. In this scenario, the "price" _________________.
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: In the United States, the biggest shopping day each year is "Black Friday," the day after Thanksgiving. Every Black Friday, the local branch of a major retailer
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