Answered: QA's MWTP B's MWTP $55.7 $65.5 1 $45…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

I paid $40 a ticket for 4 (non-refundable) tickets to a show that I can't use and can't resell so I'm going to give to my friends. I have two friends whose MWTP for the tickets are in the table below. I want to be fair to my friends so I give them two tickets each. How much more surplus could I have created if I allocated them efficiently? Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreased.

QA's MWTP
B's MWTP
$55.7
$65.5
1
$45
$39.3
2
$43.4
$23.4
$25.3
$22
4

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