Question 4: Suppose that scientists develop a way to cross tomatoes and potatoes into a new super veggie (after much debate over whether it would be called a totato or a pomato, the latter name won). There are only 6 consumers in the world that would even consider buying a pomato, each of whom wants just one, and so the scientists ask these 6 consumers how much they will pay (WTP) for one pomato. The consumers respond (truthfully) Consumer WTP Alex 7 Ben 16 Carrie 14 Dan 24 Ellie 8.

Question 4: Suppose that scientists develop a way to cross tomatoes and potatoes into a new super veggie (after much debate over whether it would be called a totato or a pomato, the latter name won). There are only 6 consumers in the world that would even consider buying a pomato, each of whom wants just one, and so the scientists ask these 6 consumers how much they will pay (WTP) for one pomato. The consumers respond (truthfully) Consumer WTP Alex 7 Ben 16 Carrie 14 Dan 24 Ellie 8.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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