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 TVs 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 value of the time a customer must spend waiting in line.\ The "price" is the sticker price of

$50

.\ The "price" is the sticker price plus the value of the time a customer must spend waiting in line.\ 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"

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, th local branch of a major retailer makes this offer to the public: the first 100 54-inch TVs sold will sell at the discounted price o $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 value of the time a customer must spend waiting in line. The "price" is the sticker price of $50. The "price" is the sticker price plus the value of the time a customer must spend waiting in line. 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