Your store sells an item desired by a consumer. The consumer is using an optimal search strategy; the accompanying graph shows the consumerâ€™s expected benefits and costs of searching for a lower price.a. What is the consumerâ€™s reservation price?b. Suppose the consumerâ€™s cost of each search rises to $16. What is the highest price you can charge and still sell the item to the consumer if she visits your store?
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