Question
QUESTION 11 Six consumers have the following willingness to pay for a DUKE-NCSU basketball game: Ken Jeong: $200, Adam Silver: $185, Tim Cook: $182, Zach
QUESTION 11
- Six consumers have the following willingness to pay for a DUKE-NCSU basketball game:
Ken Jeong: $200, Adam Silver: $185, Tim Cook: $182, Zach Galifanakis: $175, Michael Jordan: $170, Kyrie Irving: $160.
What is the total consumer surplus if price of a ticket is $175? How many people would purchase the ticket?
| A. | $42, 3 people | |
| B. | $42, 4 people | |
| C. | $35, 4 people | |
| D. | $35, 3 people |
QUESTION 12
- Using the information from question (1), suppose the price now falls to $150.How much is the change in total consumer surplus due to an increase of existing participants' consumer surplus?
| A. | $100 | |
| B. | $75 | |
| C. | $30 | |
| D. | $140 |
QUESTION 13
- In terms of surplus, which of the following is false?
| A. | CS + PS = TS | |
| B. | TS - PS = CS | |
| C. | If CS = 0, TS = PS | |
| D. | If PS = 0, CS = PS | |
QUESTION 14
- What is the total consumer surplus if P =$40?
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
