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

question 7

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 - 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 - 2,500w. 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 30,000 - 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

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