Business, 30.07.2021 04:30 brookelynnxx
Joss should charge Iris $500 but charging Daphne $800 is unfair because it allows Joss to earn more than his opportunity cost. Joss should charge Iris $500 and Daphne $800; that way economic surplus is maximized. Joss should charge Iris $500 and Daphne no more than $700; that way he earns his opportunity cost and there is no loss in economic surplus. Assume that Iris and Daphne do not know each other. Which of the following statements is true?
a. Joss should charge each customer $600, that way he will earn his opportunity cost and it will be fair to both Iris and Daphne.
b. Joss should charge Iris $500 and Daphne no more than $700, that way he earns his opportunity cost and there is no loss in economic surplus.
c. Joss should charge Iris $500 and Daphne $800, that way economic surplus is maximized.
d. Joss should charge Iris $500 but charging Daphne $800 is unfair because it allows Joss to earn more than his opportunity cost.
Answers: 2
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Joss should charge Iris $500 but charging Daphne $800 is unfair because it allows Joss to earn more...
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