2. The following report is a cross table of consumers' willingness to pay for different types...

2. The following report is a cross table of consumers' willingness to pay for different types of commodities. Please explain the difference in value of different types of commodities according to the content of the table.

				value		df		p
Pearson χ²				749.50		9		.000
有效觀察值的個數				1274
			types of commodities							total
			A		B		C		D
Value of commodities	Less than 30	Number	311_a		118_b		146_b		18_c	593
		Within the product type	95.4%		37.3%		46.2%		5.7%	46.5%
	31~60	Number	5_a		151_b		115_c		82_d	353
		Within the product type	1.5%		47.8%		36.4%		25.9%	27.7%
	61~90	Number	5_a		37_b		34_b		105_c	181
		Within the product type	1.5%		11.7%		10.8%		33.2%	14.2%
	90 or more	Number	5_a		10_{a, b}		21_b		111_c	147
		Within the product type Number	1.5%		3.2%		6.6%		35.1%	11.5%
total			326		316		316		316	1274
		Within the product type Number	100.0%		100.0%		100.0%		100.0%	100.0%

Expert Solution

ANSWER::

If the value of commodity A is less than 30 then 95.4% of people are willing to pay for it, for the commodity B this value is 37.3%, for the commodity C this value is 46.2%, and for the commodity D this value is only 5.7%. That means commodity A has the highest demand if its value is less than 30.

If the value of commodity A is between 31 and 60 then 1.5% of people are willing to pay for it, for the commodity B this value is 47.8%, for the commodity C this value is 36.4%, and for the commodity D this value is 25.9%. That means commodity B has the highest demand if its value is between 31 and 60.

If the value of commodity A is between 60 and 90 then 1.5% of people are willing to pay for it, for the commodity B this value is 11.7%, for the commodity C this value is 10.8%, and for the commodity D this value is 33.2%. That means commodity D has the highest demand if its value is between 60 and 90.

If the value of commodity A is 90 or more than 90 then 1.5% of people are willing to pay for it, for the commodity B this value is 3.2%, for the commodity C this value is 6.6%, and for the commodity D this value is 35.1%. That means commodity D has the highest demand if its value is more than 90.

NOTE:: I HOPE YOUR HAPPY WITH MY ANSWER....***PLEASE SUPPORT ME WITH YOUR RATING...

***PLEASE GIVE ME "LIKE"...ITS VERY IMPORTANT FOR ME NOW....PLEASE SUPPORT ME ....THANK YOU

orchestra answered 1 year ago

The following table describes the willingness to pay by customers for the services of a telecommunications...

The following table describes the willingness to pay by customers for the services of a telecommunications company. To keep things simple, you can assume that there is just one customer of each type and the firm cannot tell which customer type an individual person is. You can also assume that even if a person gets no consumer surplus, they will still buy the product. The marginal cost to the firm of supplying each type of service is zero; all costs...

The accompanying table shows Tom and Ray's total willingness to pay for different amounts of public...

The accompanying table shows Tom and Ray's total willingness to pay for different amounts of public recreational areas (REC), which is measured in acres. The marginal cost of one acre of recreational area is $1,000. Tom's willingness to pay Ray's willingness to pay REC (acres) $2,000 $1,000 1 3,000 1,800 2 3,800 2,500 3 4,300 3,100 4 4,500 3,600 5 4,600 4,000 6 4,600 4,300 7 4,600 4,400 8 4,600 4,400 9 Part A: What is the socially optimal level of recreational areas? Assume you cannot purchase partial acres. Explain your answer. Part B: What should be the tax burden...

table 7-2 21. This table refers to five possible buyers' willingness to pay for a case...

table 7-2 21. This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 7-2. Which of the following is not true? a. At a price of $9.00, no buyer is willing to purchase Vanilla Coke. b. At a price of $5.50, Megan is indifferent between buying a case of Vanilla Coke and not buying one. c. At...

1) When a market is missing: consumers' willingness to pay is too low to sustain the...

1)When a market is missing:consumers' willingness to pay is too low to sustain the efficient quantity.the government must create the market artificially.there is the potential for total surplus to increase through the creation of a new market.deadweight loss would increase, but only if more units are exchanged.2)A seller's willingness to sell:is determined by the buyer's willingness to pay.can never be higher than the market price.is determined by the opportunity cost of producing and selling her good.must always be equal to...

Aggregate surplus: a)equals consumers' total willingness to pay for a good less firms' total avoidable cost...

Aggregate surplus: a)equals consumers' total willingness to pay for a good less firms' total avoidable cost of production. b)equals consumers' total willingness to pay for a good plus firms' total avoidable cost of production. c)captures the total benefit created by the production and consumption of the good. d)captures the total cost created by the production and consumption of the good.

There are 3 people with different marginal willingness to pay schedules for levels of environmental quantity...

There are 3 people with different marginal willingness to pay schedules for levels of environmental quantity Q: A’s marginal WTP=$20-Q; B’s marginal WTP=$10-Q; and C’s marginal WTP=$5-Q. The marginal cost is given by MC=3+Q. 1. Please draw each person’s marginal WTP curve, the aggregate marginal WTP curve, and the marginal cost curve. 2. Please calculate the optimal provision level of Q and find the optimal provision point in your graph. Are there any free riders? 3. Please calculate the actual...

2. Assume the following two demand curves: Marginal Willingness to Pay = 18 - .45 Q...

2. Assume the following two demand curves: Marginal Willingness to Pay = 18 - .45 Q Marginal Willingness to Pay = 26 – 3 Q Solve for the following: a)Start each curve at a price of $5 and increase the price to $7.50, what is the percent change in quantity demanded on each curve (hint: watch your signs) b)Find the elasticity of each of these curves at this price change. c) Are (A) and (B) elastic or inelastic. d) Describe...

You pool together two different marketing surveys to see what the willingness to pay for a...

You pool together two different marketing surveys to see what the willingness to pay for a product is. Survey one has a mean of $20, with standard deviation of 5, and 45 people were surveyed. Survey two has a mean of 30, with standard deviation of 10, and 50 people were surveyed. The null is no difference. The test-statistic, when computed, is 6.06. Would you reject the null?

In environmental valuation, Total Willingness to Pay is made of the following values: a.) use value...

In environmental valuation, Total Willingness to Pay is made of the following values: a.) use value + option value + nonuse value b.) use value + judgement value + nonuse value c.) use value only d.) use value + nonuse value e.) use value + option value

There are four consumers willing to pay the following amounts for haircuts: Gloria: $7 Jay: $2...

There are four consumers willing to pay the following amounts for haircuts: Gloria: $7 Jay: $2 Claire: $8 Phil: $5 There are four haircutting businesses with the following costs: Firm A: $3 Firm B: $6 Firm C: $4 Firm D: $2 Each firm has the capacity to produce only one haircut. a. Draw the “staircase” shaped demand curve and supply curve (as we did in class) on the same graph for the market of haircuts. Label both vertical axis (Price)...

Question