A T-shirt shop discovers that the WTP of its customers varies by time of day that they arrive at the shop. It conducts further research and gathers the data in the table. Answer the following questions using this data: 1. What will be its Sales $ if it sells T-shirts all day for only $5? $ Question Blank 1 of 3 type your answer... 2. What will be its Sales $ if it sells T-shirts all day for only $6? $ Question Blank 2 of 3 type your answer... 3. What will be its Sales $ if it uses Price Segmentation and sells T-shirts for $5, $6 and $7 in the evening, afternoon and morning respectively? $ Question Blank 3 of 3 type your answer... Time of Day WTP Demand (Units) Evening $5 100 Afternoon $6 500 Morning $7 50
A T-shirt shop discovers that the WTP of its customers varies by time of day that they arrive at the shop. It conducts further research and gathers the data in the table. Answer the following questions using this data: 1. What will be its Sales $ if it sells T-shirts all day for only $5? $ Question Blank 1 of 3 type your answer... 2. What will be its Sales $ if it sells T-shirts all day for only $6? $ Question Blank 2 of 3 type your answer... 3. What will be its Sales $ if it uses Price Segmentation and sells T-shirts for $5, $6 and $7 in the evening, afternoon and morning respectively? $ Question Blank 3 of 3 type your answer... Time of Day WTP Demand (Units) Evening $5 100 Afternoon $6 500 Morning $7 50
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A T-shirt shop discovers that the WTP of its customers varies by time of day that they arrive at the shop. It conducts
further research and gathers the data in the table. Answer the following questions using this data: 1. What will be its
Sales $ if it sells T-shirts all day for only $5? $ Question Blank 1 of 3 type your answer... 2. What will be its Sales $ if it
sells T-shirts all day for only $6? $ Question Blank 2 of 3 type your answer... 3. What will be its Sales $ if it uses Price
Segmentation and sells T-shirts for $5, $6 and $7 in the evening, afternoon and morning respectively? $ Question Blank
3 of 3 type your answer... Time of Day WTP Demand (Units) Evening $5 100 Afternoon $6 500 Morning $7 50
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