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What is the lowest hourly wage at which you would be willing to spend 10 hours per week at a retail sales job during th

What is the lowest hourly wage at which you would be willing to spend 10 hours per week at a retail sales job during the school year?. A demander with Buyer Value $50 buys an object from a supplier with Seller Cost $20. The sum of the buyer’s and the seller’s profit :.

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What is the lowest hourly wage at which you would be willing to spend 10 hours per week at a retail sales job during th

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  1. What is the lowest hourly wage at which you would be willing to spend 10 hours per week at a retail sales job during the school year?

  2. A demander with Buyer Value $50 buys an object from a supplier with Seller Cost $20. The sum of the buyer’s and the seller’s profit : • depends on the price. Higher price means larger sum. • is the same at all prices between $20 and $50. • depends on the price. Lower price means smaller sum. • None of the above.

  3. Why is that? • Buyer’s profit=BV-Price • Seller’s Profit =Price –SC • Buyers Profit +Seller’s profit= (BV-Price)+(Price-SC)=BV-SC So sum of buyer’s and seller profit is BV-SC regardless of price.

  4. iPod Demand Curve

  5. iPhone Demand Curve Price Quantity

  6. Homework exercise • Results of surveys are posted in Excel file • Use this information to answer questions posed there. • Write down your answer. We will ask for answers with clickers next week.

  7. And on to our main lecture…

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