Asked by Haneen Hmedat on Jul 04, 2024
Verified
How much more do the Chefs value the high-end woks to the low-end woks?
A) $20
B) $30
C) $40
D) $50
High-End Woks
Premium quality woks that are often superior in material and performance, catering to a niche market.
Low-End Woks
Cooking utensils designed for stir-frying that are affordable and targeted towards budget-conscious consumers.
Chefs
Professional cooks who are responsible for preparing meals, often specializing in particular cuisines, in restaurants or other establishments.
- Comprehend the idea of price discrimination and its various types.
- Elucidate the function of consumer surplus and producer surplus within the context of pricing strategies.
Verified Answer
ZK
Zybrea KnightJul 06, 2024
Final Answer :
C
Explanation :
The Chefs value the high-end woks at $70 and the low-end woks at $30, so the difference is $40. Therefore, the correct answer is C.
Learning Objectives
- Comprehend the idea of price discrimination and its various types.
- Elucidate the function of consumer surplus and producer surplus within the context of pricing strategies.
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