1) In 2004, the face value of tickets for "prime" seats (orchestra and front mezzanine) at many Broadway shows was $100. Despite this fact, the average price paid for these seats was often significantly lower. During that year, I paid $100 to sit in the center orchestra at Avenue Q. Does this imply that I am irrational? Explain thoroughly (~2-3 sentences).
1) In 2004, the face value of tickets for "prime" seats (orchestra and front mezzanine) at many Broadway shows was $100. Despite this fact, the average price paid for these seats was often significantly lower. During that year, I paid $100 to sit in the center orchestra at Avenue Q. Does this imply that I am irrational? Explain thoroughly (~2-3 sentences).
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter19: Elasticity
Section: Chapter Questions
Problem 7QP
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Transcribed Image Text:1) In 2004, the face value of tickets for "prime" seats (orchestra and front mezzanine) at
many Broadway shows was $100. Despite this fact, the average price paid for these seats
was often significantly lower. During that year, I paid $100 to sit in the center orchestra
at Avenue Q. Does this imply that I am irrational? Explain thoroughly (~2-3 sentences).
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