Stuck on question for hours. Question in Image attachment. Thanks for your help :) You want to buy a new book. The benefit you get from the book, expressed in dollars, is $100 Theprice is $9. If you don't buy the book, you buy a new computer game that also costs $9. The benefityou get from the game, expressed in dollars, is $45. What is your willingness to pay for the book?Enter a number only, drop the $ sign.10064Economists use the general rule that people should buy the good as long as Benefits >Opportunity Costs. But when you buy a book, typically you compare Willingness to Pay (WTP)to price. We can move things around to convert the Benefits > Opportunity Costs into a WTP> Price comparison. For example in this case you would buy the book if Value from the book> Value from the next best alternative. To get the price, add and subtract the price on theright hand side of the equation and then keep the price on the right hand side and movereverything else over to the left hand side and rename it WTP. See the problem set, tutorialsand videos for more details.

Opportunity costs or implicit costs are the benefits from next best alternative.

You want to buy a new book. The benefit you get from the book, expressed in dollars, is $100 The price is $9. If you don't buy the book, you buy a new computer game that also costs $9. The benefit you get from the game, expressed in dollars, is $45. What is your willingness to pay for the book? Enter a number only, drop the $ sign. 100 64

You want to buy a new book. The benefit you get from the book, expressed in dollars, is $100 The price is $9. If you don't buy the book, you buy a new computer game that also costs $9. The benefit you get from the game, expressed in dollars, is $45. What is your willingness to pay for the book? Enter a number only, drop the $ sign. 100 64

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

How did you get 5.49 for AVC?
was the article located or you want me to pase the text for you?
writr Cost–volume symbols?
N4
Numeric question Your mortgage compounds interest annually at an interest rate of 3.1%. If your loan was for $700,000, how much interest did you pay after 7 years?
Please use microsoft excel
https://m.youtube.com/watch?v=M5uYCWVfuPQ Please watch the following video and write a 2 paragraph response. 1st paragraph should be a summary. 2nd paragraph should be your reaction to the video.
Outline and explain the guidelines for ensuring e-invitations are successful.
What are speed payments? Could they potentially be ethical? Does it matter where speed money payments are made?
When I entered my answer in my online math assigment it said it was wrong
Typed and correct answer please. I ll rate
Only typed answer