Part 1 : There are six openings left in the always popular Intermediate Microeconomic Theory course being offered at Adam Smith College, and there are 10 students looking to add the course. The professor has decided to give the six spaces to the students who value the class most highly. He has asked students to submit bids showing the highest price they are willing to pay to be admitted to the course. Below, sort the students into the appropriate categories based on their bids. Remember, only six students can be accepted into the class. Items (10 items) (Drag and drop into the appropriate area below) Part 2 : If the professor acts as an ordinary monopolist and there are no costs incurred by adding students, what price would he set? $ ________
Part 1 : There are six openings left in the always popular Intermediate Microeconomic Theory course being offered at Adam Smith College, and there are 10 students looking to add the course. The professor has decided to give the six spaces to the students who value the class most highly. He has asked students to submit bids showing the highest price they are willing to pay to be admitted to the course. Below, sort the students into the appropriate categories based on their bids. Remember, only six students can be accepted into the class. Items (10 items) (Drag and drop into the appropriate area below) Part 2 : If the professor acts as an ordinary monopolist and there are no costs incurred by adding students, what price would he set? $ ________
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Part 1 :
There are six openings left in the always popular Intermediate Microeconomic Theory course being offered at Adam Smith College, and there are 10 students looking to add the course. The professor has decided to give the six spaces to the students who value the class most highly. He has asked students to submit bids showing the highest price they are willing to pay to be admitted to the course. Below, sort the students into the appropriate categories based on their bids. Remember, only six students can be accepted into the class. Items (10 items) (Drag and drop into the appropriate area below)
Part 2 :
If the professor acts as an ordinary monopolist and there are no costs incurred by adding students, what price would he set? $ ________
Transcribed Image Text:Categories
Accepted into Class
Waitlisted
--------------.
Florence $1,325
Edwin $750
Cassandra $1,500
Jennifer $675
Albert $1,100
Bethany $900
Danielle $1,200
Hansel $800
Gerry $1,050
Irene $990
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