Table 7-6

-Refer to Table 7-6.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 $400.How many tickets do you sell,and what is the total consumer surplus in the market?
A) one ticket; $100
B) two tickets; $100
C) two tickets; $0
D) three tickets; $0

Question

Table 7-6
 
-Refer to Table 7-6.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 $400.How many tickets do you sell,and what is the total consumer surplus in the market?
A) one ticket; $100 
B) two tickets; $100 
C) two tickets; $0 
D) three tickets; $0

Quizplus · Accepted Answer

Two buyers are willing to pay $400 or more, resulting in two tickets sold. The consumer surplus is $100, as one buyer pays $400 for a ticket they value at $500.

Table 7-6 -Refer to Table 7-6.You Have Four Essentially Identical Extra Tickets