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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 60,000 - 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 60,000 - 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 45,000 - 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
Expanding
Restating, in a linguistically sophisticated form, what a child has said.
Metaphor
An implied comparison between two unlike things.
Implied Comparison
A comparison made between two entities without explicitly mentioning one of them, often through metaphor or simile.
Unlike Things
Objects or concepts that differ significantly from each other in characteristics or nature.
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