Table 7-7 Buyer Willingness to Pay Michael $500 Earvin $400 Larry $350 Charles $300 Refer to Table 7-7. You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the men’s NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You offer to sell the tickets for $325. How many tickets do you sell, and what is the total consumer surplus in the market?
a. three tickets; $225
b. two tickets; $225
c. one ticket; $175
d. three tickets; $275
d. three tickets; $275
You might also like to view...
A report indicated that the average real wage in manufacturing declined by 2% between 1990 and 2000. If the CPI equaled 1.30 in 1990, 1.69 in 2000, and the average nominal wage in manufacturing was $35 in 2000, what was the average nominal wage in manufacturing in 1990?
A. $27.47 B. $26.92 C. $21.13 D. $26.40
For a natural monopoly to cover its total cost, its price must equal its
A) average total cost. B) marginal cost. C) demand. D) total fixed cost. E) marginal revenue.
The tendency for people who have good health insurance to take more risks with their health is called adverse selection.
Answer the following statement true (T) or false (F)
Planned expenditures equal real disposable income
A. when saving equals zero. B. at every point on the saving function. C. at every point on the consumption function. D. at every point on the 45-degree line.