Supply, demand & equilibrium 2

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School
University of Toronto **We aren't endorsed by this school
Course
ECO 101
Subject
Economics
Date
Oct 26, 2023
Pages
2
Uploaded by SuperHumanFireRedPanda34 on coursehero.com
Assume a competitive market for tickets to see the New York Knicks. Assume quantities must be integers. Des and Flo each have six Knicks tickets. The table below gives the benefit that each person receives from each of her six tickets. (While Des receives a $118 benefit from her 3rd ticket if she keeps it, Flo receives a $88.50 benefit from her 3rd ticket if she keeps it.) What is the lowest market price at which a total of 4 tickets are supplied by the two individuals? Round to two decimal places, and do not enter the currency symbol. If your answer is $1.125, enter $1.13. Marginal Benefit Marginal Benefit Quantity Des Flo 1 $163 $108.50 2 $141 $103.50 3 $118 $88.50 4 $93 $82.50 5 $79 $69.50 6 $68 $60.50 | Covoovees SRR ~ Correct Answer 79.005 margin of error +/- 0.005 Each individual sells those tickets whose benefit is smaller, or equal to the price received for the ticket.
Assume quantities must be integers. According to the following supply schedule, what is the marginal cost of unit number 7? Round to two decimal places and do not enter the currency symbol. If your answer is ¥1.125, enter 1.13. | Q*: 1 2 3 4 5 6 7 8 9 10 11 | P: R0.50 X2.00 X4.50 X8.00 X12.50 |X18.00 [X24.50 [X32.00 X40.50 X50.00 [X60.50 ', Correct Answer 24.5
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