9.7 Suppose an individual knows that the prices of a particular color TV have a uniform distribution between $300 and $400. The individual sets out to obtain price quotes by phone.

a. Calculate the expected minimum price paid if this individual calls n stores for price quotes.

b. Show that the expected price paid declines with n, but at a diminishing rate.

c. Suppose phone calls cost $2 in terms of time and effort. How many calls should this in dividual make in order to maximize his or her gain from search?

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