Question

Class Date: Exam2s Table 7-4 The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field. Willingness to Pay s10 $15 $20 $25 $50 $60 Виyer Jennifer Bryce Dan David Ken Lisa 36. Refer to Table 7-4. If you have a ticket that you sell to the group in an auction, what will be thee selling price? a. slightly more than $20. b. slightly more than $25. c. slightly more than $50. d. slightly more than $60. Dos

Answer 1

Answer
Option c
Slightly more than 50
as everyone will bid up to the maximum willingness to pay so the last bidder will be Lisa who bid above $50 then no one will bid, so the price is slightly more than 50