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midA-302_SP10_TOOSSIS

# midA-302_SP10_TOOSSIS - Midterm Version A Economic 302...

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5) You already have a ticket to see the Rolling Stones. The ticket cost \$20, but scalpers without effort are legally selling the same ticket for \$100. You must give up your income as a waiter on a Saturday night in order to see the concert. You would have made \$50 at your job. You would quit your job if they paid one penny less. What is the cost of the Rolling Stones concert? A) \$80 B) \$100 C) \$150 D) \$130 6) The real price of a product is 7) Let demand be given by P = 100 - 2Q; let supply be given by P = 10+Q. Which statement is true?
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