Shin's uncompensated demand for widgets is given by Q = 10/p.According to this demand,Shin's Marginal Willingness to Pay function is A)10/Q. B)10/p. C)10Q. D)-10/p².

Question

Quizplus · Accepted Answer

Shin's Marginal Willingness to Pay (MWTP) function can be derived from the inverse of the demand function. Given the demand function Q = 10/p, solving for p gives p = 10/Q, which represents the price Shin is willing to pay for each additional unit, hence the MWTP function.

Shin's Uncompensated Demand for Widgets Is Given by Q =