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ECONOMICS
Asked by Andre

how can you easily apply cojointly analysis for willingness to pay?

Consider the following 2 options: 1) Coke can: 20p Location: 10 miles away 2) Coke can: £1 Location: 2 miles away If the consumer picks the second choice, the producer of the second option can infer that this consumer gives value to time over price as they are not willing to travel more in order to save. In the real world, companies can tailor their marketing campaigns to focus on what they think is more important to consumers.

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