Adele is set to go on a massive music tour throughout 2016. She performed 6 concerts at the O2 Arena in London. The arena has a capacity of 20,000 people and tickets were originally sold for $85 per ticket. All 6 concerts were sold out without any scalping (people who sell on tickets to consumers to make a profit) and the maximum a consumer was willing to pay per concert was $117 per ticket (where total tickets sold would = 0 if the ticket price was any more). Assuming a linear demand curve, what was the consumer surplus from one concert only? Answer to the nearest whole number (with no decimal places).

Refer to Table 5.2. The table above lists the highest prices five consumers are willing to pay for a theatre ticket. If the price of one of the tickets is $10, ___________.Correct!  everyone will buy a ticket except for Esther   only Anya and Basil will buy tickets   Celeste’s consumer surplus is $25   the total consumer surplus from the purchase of tickets will be $61  Question 5Tips0 / 1 ptsFigure 5.3 Figure 5.3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40 in order to raise the price to $18.Refer to Figure 5.3. The value of the dead-weight loss at a price of $18 is ________.Correct answer  $100 You Answered  $180   $660   $1 040 Quiz score: 4 out of 5PreviousNextSubmission details:Time: 19 minutesCurrent score: 4 out of 5Kept score: 4 out of 5

Suppose 400,000 tickets are sold across Taylor Swift’s Australian shows. For simplicity,assume each is sold at a price of $200, and the concert sells out. In the weeks and days beforethe concerts, a secondary market emerges, with some of these 400,000 tickets beingadvertised for sale and purchased (illegally) for prices as high as $4000. Does this indicatethat $200 was greater than, less than, or equal to the market clearing price? Explain.

he Middleboro High School jazz choir is holding a special concert to raise money for their trip to the state's Jazz-A-Pella competition. All the money from ticket sales will go toward their $600 goal, so they want to know how much to charge per ticket. Based on data from previous concerts, they can use the expression –5p+130 to estimate the number of tickets they will sell based on the ticket price, p.What two ticket prices can the choir charge to raise exactly $600 in revenue?$ or $Submit

Question 10Not answeredMarked out of 2.50Flag questionTipsMCQConsumerWillingness to PayAnya$24Basil$20Celeste$15Dralon$12Esther$7The table above lists the highest prices five consumers are willing to pay for a theatre ticket. If the price of one ticket rises from $10 to $19, __________.Question 10Answera.only three tickets will be soldb.no one will buy a ticketc.consumer surplus decreases from $31 to $6d.consumer surplus increases from $44 to $71

Consider a competitive market for music concert tickets. Assume supply is perfectly inelastic and demand is downward sloping. An increase in tickets released will result in the following changes: Group of answer choicesIncrease in consumer surplus and decrease in producer surplusIncrease in consumer surplus and an uncertain change in producer surplusUncertain change in consumer surplus and decrease in producer surplusUncertain change in consumer surplus and increase in producer surplusNo change in producer nor consumer surplus