Solve the Problem Using the Elimination Method

question 29

Multiple Choice

Solve the problem using the elimination method.
-There were 38,000 people at a ball game in Los Angeles. The day's receipts were $229,000. How many people paid $11 for reserved seats and how many paid $4 for general admission?

• A) 19,250 paid $11 and 18,750 paid $4
• B) 27,000 paid $11 and 11,000 paid $4
• C) 18,750 paid $11 and 19,250 paid $4
• D) 11,000 paid $11 and 27,000 paid $4

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing their gained utility.

Supply Shift

A change in the quantity of a product or service that producers are willing and able to sell at all prices, due to factors like technology, production costs, or number of sellers.

Normative Analysis

A type of analysis concerned with what ought to be, focusing on value judgments and statements of what is good or bad.

Socially Desirable

Actions or policies that are beneficial for society as a whole, often considering long-term benefits over short-term gains.