Your demand curve for baseball tickets is as follows:
price per ticket Qd
$1 4
$2 3
$10 2
$20 1
YOu buy 2 tickets at $10 each. THe value yo you of the two tickets is what?
It say the answer is $30. I do not understand why you have to add 10 and 20. I thought it would just be greater than of equal to $20. Could someone please help me? Thanks
To calculate the value of the two tickets to you, let's first understand the demand curve provided.
The demand curve shows the quantity of baseball tickets (Qd) consumers are willing to buy at different prices. Looking at the given demand schedule, at a price of $1 per ticket, consumers are willing to buy 4 tickets. At a price of $2, they are willing to buy 3 tickets, and so on.
In this case, the demand curve tells us that as the price increases, the quantity demanded decreases. So, if the price you paid for two tickets is $10 each, according to the demand curve, the quantity demanded (Qd) would be 2.
Now, let's talk about the value of the tickets to you. In economics, the value of a good or service to an individual is typically measured by the maximum amount they are willing to pay for it. In this case, since you purchased the tickets, we can assume that the value of the tickets to you is equal to the price you paid.
So, the value of the two tickets to you is $10 per ticket. Since you bought two tickets, the total value to you would be $10 x 2 = $20.
Now, based on the provided answer of $30, it seems there may be an error. As mentioned earlier, the value should be $20, not $30. It is possible that there was an error or miscommunication in the answer you received.
In conclusion, based on the information provided, the value of the two tickets to you is $20, not $30.