Homework Answers
Please see the below answer.
D. $120,000.
Explanation: As per the given question, the 1,000 tickets to the cost of each one is $480.
So the total amount = 1,000 X $480 = $480,000.
Supply is fixed for 1,000 tickets and equilibrium price per each ticket is $600.
So the total amount = 1,000 X $600 = $600,000.
Let us find the additional economic rent =
=$600,000 - $480,000
=$120,000.
So, the additional economic rent could Rihanna earn is $120,000.
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