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- Question 1): Explain carefully the distinction between willingness to pay and marginal willingness to pay. Illustrate these concepts with a diagram. Explain it early not copy paste from anywhere.what is steve total willingness to pay for five bags?The CC’s are a major league basketball team CC’s charge $10 for a reserved seat ticket to any one of their 71 home games they play each year In addition, only before the season begins, the team offers to sell one and only one ticket book to each fan The ticket book contain 10 reserve seat tickets to any game for a total payment of$50 Using consumer theory, show why the CC’s sell the ticket book If CC’s tickets are an inferior good, could a fan end attending fewer games a year because of the ticket book offer? If CC’s tickets are a normal good, could a fan end up attending fewer games a year because of the ticket book offer? What does this suggests about the team’s belief concerning the income elasticity of demand for tickets?
- Ms. Haleema offered to sell her house to a Trader for Rs. 2,150,000. Trader said that he would take the house for Rs. 2,000,000. Ms. Haleema refused to sell here house to Trader at this price. A day later that Trader agreed to pay the original price for the house. Explain whether Ms. Haleema is obliged to sell her house to that Trader?How are the elements of competition force affecting the willingness to pay for a product? What are the components Apple sources from Japan for iPhone?When the market is in equilibrium, the buyers are those with the ________ willingness to pay and the sellers are those with the _______ costs Question 9 options: lowest, lowest highest, highest lowest, highest highest, lowest
- Table 7-8 Seller Cost (Dollars) Evan 50 Selena 100 Angie 150 Kris 200 Refer to Table 7-8. If the sellers bid against each other for the right to sell the good to a consumer, then the good will sell for a. $100 or slightly less. b. $150 or slightly less. c. $50 or slightly more. d. $200 or slightly more.Tickets to athletic and artistic events are sometimes resold at higher-than-original prices – a market transaction known by the term “scalping.” For example, the original buyer may resell a $50 ticket to a college bowl game for $200, $250 or more. The media often denounce scalpers for “ripping off” buyers by charging “exorbitant” prices.From an economic perspective, is ticket scalping undesirable? Who is benefiting and who is losing?Use the scenario below to answer the question. Chocolate raisin protein bars are Duc’s favorite dessert. A local bakery sells them for $1.00 each. Duc buys one and eats it at the bakery. Duc decides that he wants another one, but is not willing to pay full price. He knows the owner of the bakery and wants to negotiate. He offers to buy two more protein bars at $0.75 each. He plans to eat one at the store and anther one later. The bakery owner agrees to the deals. What is the total utility of Duc’s decision? 00 75 50 00
- How do I explain how prices act as a "signal or agreement" between buyers and sellers when coordinating their interactions in the market?From the perspective of the ____, the price at which a unit is exchange is the marginal cost of that unit. A. economist.B. buyer.C. seller.D. government.Charter schools in Florida use a lottery to determine which students get in. This means that__________________________________. An auction in this case would mean that: There is often a shortage of seats at charter schools; the families who place the highest value on charter school education would be more likely to get a spot. Families who would like to pay for the right to get into charter schools do not have the opportunity to act on that desire; the price of a seat would rise from zero to some price above zero. Florida charter schools are not maximizing revenue from this system; Florida charter schools would earn greater revenue over time. An auction would create an efficient outcome in the market for charter school seats; An arguably “unfair” market outcome could take place. All of the above.
