Professor Kremepuff's New, User-Friendly Textbook Has Just Been Published

question 14

Multiple Choice

Professor Kremepuff's new, user-friendly textbook has just been published. This book will be used in classes for two years, after which it will be replaced by a new edition. The publisher charges a price of p₁ in the first year and p₂ in the second year. After the first year, bookstores buy back used copies for and resell them to students in the second year for p₂. (Students are indifferent between new and used copies.) The cost to a student of owning the book during the first year is therefore p₁ - . In the first year of publication, the number of students willing to pay $v to own a copy of the book for a year is 80,000 - 1,000v. The number of students taking the course in the first year who are willing to pay $w to keep the book for reference rather than sell it at the end of the year is 80,000 - 5,000w. The number of persons who are taking the course in the second year and are willing to pay at least $p for a copy of the book is 75,000 - 1,000p. If the publisher sets a price of p₁ in the first year and p₂ <= p₁ in the second year, then the total number of copies of the book that the publisher sells over the two years will be

• A) 160,000 - 1,000p₁ - 1,000p₂.
• B) 160,000 - 1,000(p₁ -).
• C) 160,000 - 3,000p₂.
• D) 155,000 - 1,000(p₁ +).
• E) 155,000 - 1,500p₂.

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Definitions:

Behavioural Approach

A theoretical perspective focusing on observable behaviors and the ways in which they're learned from the environment.

Psychology Professor

A psychology professor is an academic and often a researcher at a college or university, specializing in the study of the mind and behavior, who teaches psychology courses to students.

Retrospective Memory

The ability to remember events that have occurred in the past or previously learned information.

Instructor

An individual tasked with teaching or delivering instructional material to learners in various educational settings.