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tickets for a concert have been in incredibly high demand

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Alice Sejake
Alice SejakeLv10
3 Apr 2021
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Related questions

Which of the following is likely to have the most price inelastic demand?

a. Soft drinks

b. Gas from a particular station

c. Black coffee

d. Concert tickets

Janice has $150 to spend on concert tickets and/or movie tickets. Concert tickets are $25 each. Movie tickets are $12.50 each. Janice would like to purchase 4 concert tickets and 6 movie tickets. Can she?

A.Yes, she can borrow money in order to pay for the tickets.
B.Yes, she can afford both types of tickets.
C.No, the goods are outside of her budget and opportunity set.
D.No, she does not like spending money on concerts.


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An individual can choose to make lunch at home for a total cost of $5 per meal or can go out to lunch for a total cost of $12.50 per meal. What is the opportunity cost of going out to lunch?

The opportunity cost of buying lunch is __________ dollars.

In Rolling Stone magazine, several fans and rock stars, includingPearl Jam, were bemoaning the high price of concert tickets. Onesuperstar argued, "It just isnt worth $75 to see me play. No oneshould have to pay that much to go to a concert." Assume this starsold out arenas around the country at an average ticket price of$75.

question:

Suppose that due to this star's protests, ticket prices werelowered to $50. In what sense is this price too low? Draw a diagramusing supply and demand curves to support your argument.

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