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Suppose that the Winnipeg Jets have reached the Stanley Cup nal game. Suppose you have a budget of $1,000 to spend on hockey tickets which
Suppose that the Winnipeg Jets have reached the Stanley Cup nal game. Suppose you have a budget of $1,000 to spend on hockey tickets which are priced at $100/ticket for season ticket holders. You would really like to buy 2 tickets if they were available, but unfortunately, since you are not a season ticket-holder, you must try to buy a ticket online from a ticket scalper on Kijiji, Craig's List or eBay. You find that the lowest price is $300 per ticket. Assume that maximum you are willing to pay just happens to be $300 per ticket. Draw a fully labelled diagram that depicts the following information: the budget line for season ticket-holders that indicates that if you were a season ticket holder, you would maximize your utility by purchasing 2 tickets; the indifference curve that shows that you would be willing to a ticket scalper no more than $300/ticket for 2 tickets, and indicate how much money you would be left with after you have purchased 2 tickets from the ticket scalper
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