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A consumer is willing to pay $300 for cricket match. The cost of the ticket is $120. What is
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- Assume all benetits accrue to the buyer and all costs are borne by the seller. Nancy was given 1 ticket to 4 different Lakers games. Kate's demand is given by the following table: Qd P $76 2 $59 3 $31 4 $12 Nancy's demand is given by the following table: Qd P 1 $34 2 $29 $10 4 $7 If these tickets are efficiently allocated, how much extra surplus is created?Suppose Bull Gator Ben has paid his $14,300 donation and purchased eight season tickets at $32 per game. He discovers that he only needs seven tickets, and sells the eighth ticket for $150. Although he sold a ticket for $150, did he make a profit on the sale? (Hint: Compare what Ben paid to his revenue from selling the ticket)What would consumer surplus be?
- There is often only one major league baseball team in a city. What effect does this have on ticket prices?Larry purchases a book for $10, and his consumer surplus is $3. How much is Larry willing to pay for the book?Amrin goes to Sportsmart to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Amrin's consumer surplus from the purchase is
- The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What would you do take to reach equilibrium?The consumer surplus for John is $10 and his maximum willingness to pay for the product is $30 What would have been the market price?
- You’d be willing to pay $200 for a daylong admission ticket to a theme park. The cost of the ticket is $120. Your consumer surplus is:QUESTION 13 If your willingness to pay for a coffee is 35 dirhams, and the price is 20 dirhams. What is your consumer surplus after you buy the coffee?Suppose that the price of a ride is $12. Then Angela buys 8 rides a month. Suppose her demand curve is P = 40-2Q. Then how much is her consumer surplus in a month?