Question;Assume;that you were ready to buy a custom tailored Dress (or men?s suit) and;you are prepared to pay up to $200 for it. Also assume that the tailor;is prepared to sell that item of clothing for as little as $100.;When;you arrive at the tailor shop, the posted price for the item is $150.;Discuss how this scenario relates to producer and consumer surplus and;how such surpluses, if any, affect buying and manufacturing decisions;Discuss any recent purchases you have made and for which you feel that a similar rational seemed to be at work.
Paper#52503 | Written in 18-Jul-2015Price : $22