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This is in contrast to willingness to pay (WTP), which is the maximum amount of money a consumer (a buyer) is willing to sacrifice to purchase a good/service or avoid something undesirable. [1] The price of any transaction will thus be any point between a buyer's willingness to pay and a seller's willingness to accept; the net difference is the ...
According to the constructed preference view, consumer willingness to pay is a context-sensitive construct; that is, a consumer's WTP for a product depends on the concrete decision context. For example, consumers tend to be willing to pay more for a soft drink in a luxury hotel resort in comparison to a beach bar or a local retail store.
In microeconomics, consumers set their reservation price as the highest price they are willing to pay for goods or a service, while sellers set the lowest price at which they would sell. Similarly, in finance , the reservation price—also called the indifference price —is the value at which an investor would be willing to buy (or sell) a ...
Alternatively, Microsoft has made available a free add-on known as the Microsoft Office Compatibility Pack that lets Office open, edit, and save documents created under the newer 2007 format. [ 44 ] Office Open XML is based on XML and uses the ZIP file container.
Microsoft Word is a word processing program developed by Microsoft.It was first released on October 25, 1983, [13] under the name Multi-Tool Word for Xenix systems. [14] [15] [16] Subsequent versions were later written for several other platforms including: IBM PCs running DOS (1983), Apple Macintosh running the Classic Mac OS (1985), AT&T UNIX PC (1985), Atari ST (1988), OS/2 (1989 ...
Duration: The exclusive right to sell clause in the contract you establish with your real estate agent should have an expiration date, which might be anywhere from 30 days to six months or more ...
When Microsoft became aware of the Year 2000 problem, it released the entire DOS port of Microsoft Word 5.5 instead of getting people to pay for the update. As of March 2024, it is still available for download from Microsoft's web site. [15] Word 6.0 was the second attempt to develop a common code base version of Word.
Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good. Additional information about market value is obtained by the rate at which transactions occur, telling observers the extent to which the purchase of the good has value over time.