Prof. G. was given 1 ticket to 4 different Raptors games. If he does not sell them, they will not be used by him or anyone else. (That is, his supply of Raptors tickets in perfectly inelastic at Q=4.) Mirwan's demand is given by the following table: Qd P 1 $80 2 $54 3 $31 4 $2 Zhuncheng's demand is given by the following table: Qd P 1 $33 2 $24 3 $11 4 $5 If these tickets are efficiently allocated, how much surplus is created? Round to two decimal places, and do not enter a currency symbol. If your answer is $1.125, enter 1.13.

Prof. G. was given 1 ticket to 4 different Raptors games. If he does not sell them, they will not be used by him or anyone else. (That is, his supply of Raptors tickets in perfectly inelastic at Q=4.) Mirwan's demand is given by the following table: Qd P 1 $80 2 $54 3 $31 4 $2 Zhuncheng's demand is given by the following table: Qd P 1 $33 2 $24 3 $11 4 $5 If these tickets are efficiently allocated, how much surplus is created? Round to two decimal places, and do not enter a currency symbol. If your answer is $1.125, enter 1.13.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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