Question 4 - For a given, 0 W(p)=(p-1) 1 if p 2 a. (0.25 pts)...

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Question 4 - For a given, 0 W(p)=(p-1) 1 if p<1 ifl≤p≤2 if p > 2 a. (0.25 pts) Find the corresponding willingness-to-exactly pay w(x) function. b. (0.5 pts) Derive the price-response function d(p) if D = 20,000. Question 5 - (0.25 pts) You entered Teknosa to buy a laptop, but did not decide which model to buy. You decide to buy the model with the highest surplus. Below are the models you consider with current prices and your willingness-to-pay. Please explain which model will you choose and why. Model Apple Macbook Air Apple Macbook Pro HP Envy Notebook ASUS N750JK Notebook ACER E5-521 Notebook Price 3,689 TRY 4,499 TRY 3,699 TRY 6,639 TRY 1,199 TRY Willingness to pay 4,500 TRY 5,000 TRY 3,500 TRY 8,000 TRY 1,000 TRY Question 4 - For a given, 0 W(p)=(p-1) 1 if p<1 ifl≤p≤2 if p > 2 a. (0.25 pts) Find the corresponding willingness-to-exactly pay w(x) function. b. (0.5 pts) Derive the price-response function d(p) if D = 20,000. Question 5 - (0.25 pts) You entered Teknosa to buy a laptop, but did not decide which model to buy. You decide to buy the model with the highest surplus. Below are the models you consider with current prices and your willingness-to-pay. Please explain which model will you choose and why. Model Apple Macbook Air Apple Macbook Pro HP Envy Notebook ASUS N750JK Notebook ACER E5-521 Notebook Price 3,689 TRY 4,499 TRY 3,699 TRY 6,639 TRY 1,199 TRY Willingness to pay 4,500 TRY 5,000 TRY 3,500 TRY 8,000 TRY 1,000 TRY

Answer rating: 100% (QA)

SOLUTION a To find the corresponding willingnesstoexactly pay function wx we need to consider the different price ranges defined by the function Wp Fo... View the full answer