Problem 1 (1 pts) Let w(.), D, d(.) respectively denote the willingness-to-pay (wtp) density function (distribution),...

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Problem 1 (1 pts) Let w(.), D, d(.) respectively denote the willingness-to-pay (wtp) density function (distribution), market size and demand function, where functions have price arguments. Parts a), b) and c) below are independent unless otherwise is stated. a) (0.3 pts) Suppose that everybody is willing to pay more than $5. Moreover, wtp density wis constant from the price of $5 to the price of $10. Express w(x) over 0 x10. b) (0.4 pts) Suppose that w(x) =1/10 for 0 x 10 and D = 700. Obtain d(p) for 0 p 10. c) (0.3 pts) Suppose that d(p)= 600-30p, obtain the associated wand define a valid range for this w (with p=0 being one boundary of the range). Problem 1 (1 pts) Let w(.), D, d(.) respectively denote the willingness-to-pay (wtp) density function (distribution), market size and demand function, where functions have price arguments. Parts a), b) and c) below are independent unless otherwise is stated. a) (0.3 pts) Suppose that everybody is willing to pay more than $5. Moreover, wtp density wis constant from the price of $5 to the price of $10. Express w(x) over 0 x10. b) (0.4 pts) Suppose that w(x) =1/10 for 0 x 10 and D = 700. Obtain d(p) for 0 p 10. c) (0.3 pts) Suppose that d(p)= 600-30p, obtain the associated wand define a valid range for this w (with p=0 being one boundary of the range).