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Suedyso Suedyso
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5 years ago
Joss is a marketing consultant. Iris and Daphne are potential customers interested in commissioning Joss to undertake a market survey and compile the findings in a report. Iris is willing to pay $500 for the service while Daphne is willing to pay $800. Suppose that the opportunity cost of Joss's time is $1,200. Assume that Iris and Daphne do not know each other. If the price of the report is $800 per copy,

• both Iris and Daphne will purchase Joss's services and Joss will undertake the job.

• only Daphne will purchase Joss's services and Joss will undertake the job for her.

• only Daphne will want to purchase Joss's services but Joss will not be willing to do the work.

• neither Iris nor Daphne will commission the work.
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Microeconomics

Microeconomics


Edition: 7th
Authors:
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mnp2357mnp2357
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Suedyso Author
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5 years ago
Appreciate the effort, thank you!
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