Tailored clothesassume that you were ready to buy a custom, Ask an Expert

Economics

Tailored Clothes

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 rationale seemed to be at work.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91678058

Have any Question?Write your Review or question?

Related Questions in Business Economics

You work at patty king home of the cinnamon roll breakfast

You work at Patty King, home of the Cinnamon Roll Breakfast Sandwich, as the manager of the early morning shift. You want to estimate the probability that at least 5 customers enter the store in the next 10 minutes. Woul ...

Companies persue closer coordination and collaboration with

Companies persue closer coordination and collaboration with channel suppliers to better address customer needs inorder to 1) Develop human resource management activities that improve the skills , expertise and knowledge ...

From a consequentialist perspective that has as its

From a consequentialist perspective that has as its objective improving the standard of living of unskilled workers, is the introduction of a minimum wage ethically justified?

A standard deck of cards contains 52 cardsa compute the

A standard deck of cards contains 52 cards. (a) Compute the probability of randomly selecting a three or ten. (b) Compute the probability of randomly selecting a three or ten or two. (c) Compute the probability of random ...

A student recieves the grades shown below with an a worth 4

A student recieves the grades shown below, with an A worth 4 points, a B worth 3 points, a C worth 2 points, and a D worth 1 point. What is the students grade point average? A in 1 four - credit classes C in 1 three - cr ...

What are the four main points of difference in terms of

What are the four main points of difference in terms of utility, value, rationality, and equilibrium between the classical and neoclassical schools of thought? Briefly describe each one.

Your client is going to be traveling to las vegas in the

Your client is going to be traveling to Las Vegas in the near future and he wants to place some bets on his favorite professional baseball team. To ensure he knows the odds on his bets he wants to know the probability of ...

Demand qd900-2p3pa04m15asupply qs45500-05pqd quantity

Demand: Qd=900-2P+3Pa+0.4M+1.5A Supply: Qs=45500-0.5P Qd = Quantity demanded P = Price of Myvi car (in RM) Pa = Price of Produa Asia (in RM) M = Average consumer income (in RM) A = Promotional expenses Qs= Quantity deman ...

You have a part-time job at the library that pays 10 per

You have a part-time job at the library that pays $10 per hour, 4 hours per day on Saturdays and Sundays. Some friends want you to join them on a weekend ski trip leaving Friday night and returning Monday morning. They e ...

Why does a government undertakes expansionary fiscal

Why does a government undertakes expansionary fiscal policy? What are the problems of undertaking expansionary fiscal policy? When is fiscal policy more appropriate than monetary policy?

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert