Question
The marginal willingness to pay of a consumer for organic apples is shown on the table below, Q= quantity of apples in lbs per week
The marginal willingness to pay of a consumer for organic apples is shown on the table below, Q= quantity of apples in lbs per week and marginal willingness to pay is in $'s.
Q: 0, 1, 2, 3, 4, 5, 6
MWTP: 5.00, 4.00, 3.20, 2.60, 2.20, 1.80, 1.50
The demand for organic apples is given by P=50-2Q
Calculate the total expenditure (price x quantity) when the price of apples is $20?
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Managerial Economics and Business Strategy
Authors: Michael Baye, Jeff Prince
9th edition
9781259896422, 1259290611, 1259896420, 978-1259290619
