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

question 11

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 50,000 - 1,500v. 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 50,000 - 7,500w. 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 45,000 - 1,500p. 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) 100,000 - 1,500p₁ - 1,500p₂.
• B) 100,000 - 1,500(p₁ -).
• C) 95,000 - 1,500(p₁ +).
• D) 100,000 - 4,500p₂.
• E) 95,000 - 2,250p₂.

---

Definitions:

Diffusion of Responsibility

Refers to a sociopsychological phenomenon where individuals are less likely to take action or feel a sense of responsibility in the presence of a large group of people.

Pluralistic Ignorance

A psychological phenomenon where individuals wrongly believe their feelings and beliefs are different from those of the group, often leading to conformity despite personal objections.

Good Samaritan Effect

A phenomenon where individuals are more likely to help others in need without expecting anything in return, inspired by the biblical parable of the Good Samaritan.

Gender and Helping

the study of how an individual's gender influences their tendency to offer assistance to others, often with findings suggesting societal norms and roles impact helping behavior.