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Website tracking software can log the path a customer takes through the website, the time spent on the site, and what geographic area, in general, the customer is from, all of which can help in customer analysis. It can also log the customer's operating system and which browser the customer is using. How could these last two data items be of interest to a company? Give examples.
Consumer Surplus
The difference in the total funds consumers are willing and able to disburse for a good or service compared to the actual expenditure.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service to satisfy their needs or desires.
Camera
A device that records or captures images, which can be stored, viewed directly, or transmitted to another location.
Consumer Surplus
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.
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