You and your friend go out shopping for television sets for your respective apartments.You find the one you want to buy and pay extra money to have it delivered during the weekend.Your friend is unwilling to pay extra and will wait for the television to be delivered as per the store's usual practice.Which of the following conclusions can be drawn from this information?
A) You have a higher price elasticity of demand for the TV than your friend.
B) Your opportunity cost of time is higher and than your friend's.
C) Your friend's opportunity cost of time is higher than your's.
D) Both of you have the same price elasticity of demand for the TV.
Correct Answer:
Verified
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