Micro economics

1. Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or margin” rel=”nofollow”>inal benefit of an additional ticket greater than, less than, or equal to $10? How might you determin” rel=”nofollow”>ine that value?
2. If you were hired as a consultant for the concert, how would you determin” rel=”nofollow”>ine how much to sell the tickets for usin” rel=”nofollow”>ing your degree in” rel=”nofollow”>in economics?

3. As a consumer, what would you rather maximize, your total or margin” rel=”nofollow”>inal utility?

4. Explain” rel=”nofollow”>in your reasonin” rel=”nofollow”>ing to an actual example.

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