1. Suppose that type I sellers charged the price of $96 for portable TV, type II sellers charged $98, type III sellers charged $100, type IV sellers charged $102, and type V sellers charged $104. Determine (a) the expected lowest price for TV from one, two, three, four, and five searches and (b) the marginal benefit from each additional search. (c) How many searches should a consumer undertake if the marginal cost of each additional search is $1.00?
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