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Which of these is a procedure that quantifies the personal value of a purchase?

  • Question 1a of 10 - Store policies

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of these is a procedure that quantifies the personal value of a purchase?
  • Answers:
  1. The usefulness of the item is turned into utility.
  2. The purchase price is calculated as a certain number of working hours.
  3. The production costs of the item are calculated.
  4. The costs and benefits of the item are determined.

The correct answer is: The purchase price is calculated as a certain number of working hours. By putting the value of the good into working hours, the good is given a numerical value that's meaningful to the consumer.

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