Give typing answer with explanation and conclusion You are a football enthusiast and love watching the football matches to the extent that you are willing to pay anything upto Rs 250 for watching amatch. You watch a 1.5-hours match in the stadium that costs you Rs. 120. The minimum profit that the stadium owner wishes to generate byconducting the match is Rs. 1,50,000. If there were 4000 viewers in the match, answer the following questions:a. How much is the consumer surplus for you as a buyer? At what price of the match ticket would the consumer surplus be zero for you?b. How much is the total producer surplus for the stadium?c. If the stadium would have used the same ground for conducting a political event, it could have earned Rs. 5.00,000 while the cost of conductingthat event is Rs. 30,000 lower than that for conducting the match. What it the opportunity cost of organizing the football match for the stadium?

Consumer surplus is the difference between the amount a consumer is willing to pay for a good or…

You are a football enthusiast and love watching the football matches to the extent that you are willing to pay anything upto Rs. 250 for watching a match. You watch a 1.5-hours match in the stadium that costs you Rs. 120. The minimum profit that the stadium owner wishes to generate by conducting the match is Rs. 1,50,000. If there were 4000 viewers in the match, answer the following questions: www a. How much is the consumer surplus for you as a buyer? At what price of the match ticket would the consumer surplus be zero for you? b. How much is the total producer surplus for the stadium? c. If the stadium would have used the same ground for conducting a political event, it could have earned Rs 5.00,000 while the cost of conducting that event is Rs. 30,000 lower than that for conducting the match. What it the opportunity cost of organizing the football match for the stadium?

You are a football enthusiast and love watching the football matches to the extent that you are willing to pay anything upto Rs. 250 for watching a match. You watch a 1.5-hours match in the stadium that costs you Rs. 120. The minimum profit that the stadium owner wishes to generate by conducting the match is Rs. 1,50,000. If there were 4000 viewers in the match, answer the following questions: www a. How much is the consumer surplus for you as a buyer? At what price of the match ticket would the consumer surplus be zero for you? b. How much is the total producer surplus for the stadium? c. If the stadium would have used the same ground for conducting a political event, it could have earned Rs 5.00,000 while the cost of conducting that event is Rs. 30,000 lower than that for conducting the match. What it the opportunity cost of organizing the football match for the stadium?

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

Give typing answer with explanation and conclusion

You are a football enthusiast and love watching the football matches to the extent that you are willing to pay anything upto Rs 250 for watching a
match. You watch a 1.5-hours match in the stadium that costs you Rs. 120. The minimum profit that the stadium owner wishes to generate by
conducting the match is Rs. 1,50,000. If there were 4000 viewers in the match, answer the following questions:
a. How much is the consumer surplus for you as a buyer? At what price of the match ticket would the consumer surplus be zero for you?
b. How much is the total producer surplus for the stadium?
c. If the stadium would have used the same ground for conducting a political event, it could have earned Rs. 5.00,000 while the cost of conducting
that event is Rs. 30,000 lower than that for conducting the match. What it the opportunity cost of organizing the football match for the stadium?

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