Suppose a consumer values a Red Sox - Yankees playoff ticket at $150, and the seller is unwilling to sell the ticket for less than $200. What price will lead to an efficient transaction between the potential buyer and seller? any price greater than $200 O any price greater than or equal to $150 and less than or equal to $200 a price of $0 O any price greater than $0 and less than $150 No price will lead to an efficient transaction.

Suppose a consumer values a Red Sox - Yankees playoff ticket at $150, and the seller is unwilling to sell the ticket for less than $200. What price will lead to an efficient transaction between the potential buyer and seller? any price greater than $200 O any price greater than or equal to $150 and less than or equal to $200 a price of $0 O any price greater than $0 and less than $150 No price will lead to an efficient transaction.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The figure to the right represents the demand for ice cream cones. Which of the following statements is true? O A. Points a and b may not necessarily be the utility - maximizing quantities of ice cream cones at two different prices because we have no information on the consumer's budget or the price of other goods. B. Points a and b are the utility - maximizing quantities of ice cream cones at two different prices of ice cream. O C. Points a and b are derived independently of the utility - maximizing model. O D. Point a could be a utility - maximizing choice if the price is $3 but point b may not be because we have no information on the marginal utility per dollar when price changes. Price $3 1 3 4 Demand Quantity
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Tom has 500 dollars to spend on two goods, good 1 and good 2. The seller of good 1 offers Tom the following deal: For every three units (of good 1) you buy, you will get the fourth unit for free. Determine how many units of good 1 Tom will end up with if the price of good 1 is 3, the price of good 2 is 8, Tom spends all his income on the two goods and buys 9 units of good 2. Then enter the value below.
Suppose that at a price of 25 cents per orange, 300 consumers each demand 2 oranges, and at a price of 20 cents per orange, 400 consumers each demand 4 oranges. Therefore, the market demand for oranges is at a price of 25 cents per orange and at a price of 20 cents per orange. Multiple Choice 300; 400 O 1,200; 3,200 600; 1,600 O 2; 4