The price of a ticket to a concert is set at $550. All the tickets for the concert sell out one hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that the price of a ticket is set:

The price of a ticket to a concert is set at $550. All the tickets for the concert sell out one hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that the price of a ticket is set:

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 price of a ticket to a concert is set at $550. All the tickets for the concert sell out
one hour after they go on sale and there are still 1,000 fans who want to buy tickets.
It follows that the price of a ticket is set:

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