Kaplan Bu224 week 5 discussion
Question # 00036945
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Updated on: 12/16/2014 03:37 AM Due on: 12/31/2014
- Assume
that you were ready to buy a custom tailored Dress (or men’s suit) and
you are prepared to pay up to $200 for it. Also assume that the tailor
is prepared to sell that item of clothing for as little as $100.
When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how such surpluses, if any, affect buying and manufacturing decisions
- Discuss any recent purchases you have made and for which you feel that a similar rational seemed to be at work.
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Solution: Kaplan Bu224 week 5 discussion