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You are here: Home / Potpourri / Economics 101: Willingness To Pay

Economics 101: Willingness To Pay

Economics 101: Willingness To Pay

[This is part of the series: The Complete Guide To Economics 101.]

What does willingness to pay mean?

Willingness To Pay is a term in economics that refers to the maximum amount that a customer will pay for a particular good or service.

This is obviously completely subjective, and varies in regard to both place and time.

A few examples:

  • On a given day I might be willing to pay $2.00 for a Coke.
  • In the 100 degree heat of attending a college football game, I might be willing to pay $8.00 for a Coke.
  • $2.00 is about the most I will pay for a cup of coffee, except on vacation where I will pay $6.00.
  • When I was in college, I would be willing to pay $25 for a nice meal. Now I will pay $50.

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Filed Under: PotpourriTagged With: #Economics101

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