O Question FeedN. The Effects of Inflation on theO supply, demand & equilibrium+urses/234684/quizzes/212897/takeshoppingggggg9日多伦多 phdAssume a competitive market for tickets to see the Toronto Raptors. Assume quantities must beintegers.Des and Flo each have six Raptors tickets. The table below gives the benefit that each personreceives from each of her six tickets. (While Des receives a $117 benefit from her 3rd ticket if shekeeps it, Flo receives a $93.50 benefit from her 3rd ticket if she keeps it.)What is the lowest market price at which a total of 5 tickets are supplied by the two individuals?Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter$1.13.Marginal Benefit, Marginal BenefitQuantityDesFlo1$152$110.50$149$99.50$117$93.504$107$80.50$86$72.506$54$60.50

Answer - Need to find- Lowest market price at which 5 tickets are supplied Given in the question-

Answered: Assume a competitive market for tickets…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12
Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be specific)?
There are two restaurants next to each other. Restaurant 1 (R1) sells burritos and Restaurant 2 (R2) sells burgers. Both restaurants have to simultaneously set their prices which can be any non-negative 1 real number. Denote by p1 the price of a burrito set by R1 and by p2 the price of a burger set by R2. Since consumers have a choice of which restaurant to go to and are price conscious, the price of each restaurant, besides impacting the demand for its own product, effects the demand for the product of the other restaurant as well. Specifically, the demand functions for the burritos sold by R1 and burgers sold by R2, denoted q1 and q2, respectively, are given by: q1 = 44 − 2p1 + p2 q2 = 44 − 2p2 + p1 (For simplicity, we are assuming here that demand is perfectly divisible). Finally, the cost of producing each unit of burger and burrito is the same and equal to 8. Model this strategic environment as a normal form game and find a pure strategy Nash equilibrium. Is the equilibrium you…
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True or false: keeping his maximum willingness to pay for a yacht in mind, Tim will buy the yacht because it will be worth more to him than its market price of $350,000
show on the graph where is the opportunity cost is measured
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