Table 7-1
-Refer to Table 7-1. If the price of the product is $110, then who would be willing to purchase the product?
A)Calvin
B)Calvin and Sam
C)Calvin, Sam, and Andrew
D)Calvin, Sam, Andrew, and Lori

Question

Table 7-1 
-Refer to Table 7-1. If the price of the product is $110, then who would be willing to purchase the product?
A)Calvin 
B)Calvin and Sam 
C)Calvin, Sam, and Andrew 
D)Calvin, Sam, Andrew, and Lori

Quizplus · Accepted Answer

Based on the table, Calvin's maximum willingness to pay is $100, Sam's is $120, Andrew's is $150, and Lori's is $180. Since the price of the product is $110, only Calvin, Sam, and Andrew would be willing to purchase it as their maximum willingness to pay is equal to or above the price. Lori would not be willing to purchase it as her maximum willingness to pay is higher than the price. Therefore, the best choice is C.

Table 7-1 -Refer to Table 7-1. If the Price of the Product