12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the horizontal axis) and on other goods (measured in dollars on the vertical axis). His preferences and budget line are represented in the figure below. Wayne's optimal choice is to buy 4 tickets, but the maximum he can buy from the box office is just two tickets. What is the box office price for a ticket? S willing to pay a scalper for two more tickets? $ What is the maximum price Wayne is other goods ($) 2,000 1,600 1,200 800 400 4. 6. 10 Number of Grey Cup Tickets
12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the horizontal axis) and on other goods (measured in dollars on the vertical axis). His preferences and budget line are represented in the figure below. Wayne's optimal choice is to buy 4 tickets, but the maximum he can buy from the box office is just two tickets. What is the box office price for a ticket? S willing to pay a scalper for two more tickets? $ What is the maximum price Wayne is other goods ($) 2,000 1,600 1,200 800 400 4. 6. 10 Number of Grey Cup Tickets
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.2P
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Transcribed Image Text:12. Wayne has S2,000 dollars to spend on Grey Cup football tickets (measured in numbers along
the horizontal axis) and on other goods (measured in dollars on the vertical axis). His
preferences and budget line are represented in the figure below. Wayne's optimal choice is to
buy 4 tickets, but the maximum he can buy from the box office is just two tickets. What is
the box office price for a ticket? $
willing to pay a scalper for two more tickets? $
What is the maximum price Wayne is
other goods ($)
2,000
1,600
1,200
800
400
4
6.
10
Number of Grey Cup Tickets
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