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 p₂/2 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 - p₂/2.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 - 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 60,000 - 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 40,000 - 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

• A)120,000 - 1,500p₂.
• B)120,000 - 500p₁ - 500p₂.
• C)120,000 - 500(p₁ - p₂ /2).
• D)100,000 - 500(p₁ + p₂ /2).
• E)100,000 - 750p₂.

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