14- If the equilibrium price for tickets to a a Lady Antebellum concert is $100 each and they sell them for $85,

a. Do they create market surplus or shortage?

_____ Shortage

_____ Surplus

_____ Neither a shortage nor surplus

b. Suppose scalpers buy 8,000 tickets and resell them for $100 each. How much profit do the scalpers earn?

23- Use the following information to answer three questions about accounting and economic costs.

_______________

Suppose a company incurs the following costs:

Labor = $2,300

Equipment = $900

Materials =$550

It owns the building, so it doesn't have to pay the usual $800 in rent

________________

a) Total accounting cost is equal to ___________

b) Total economic costs is equal to ____________

c) What would the new accounting and economic costs be if the company sold the building and then leased it back?

Total accounting cost would now equal ___________

Total economic cost would equal __________