Table 7-7 
-Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men's NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You hold an auction to sell the ticket. Michael bids $410 for the ticket, and you sell him the ticket. What is his consumer surplus?
Definitions:
Standard Deviation
A statistical measure that quantifies the dispersion or variability of a set of numerical data from its mean, indicating how spread out the data points are.
Measure of Variability
A statistical indicator that describes the degree to which scores in a dataset are spread out or dispersed.
Inclusive Range
A measure of variability calculated by subtracting the lowest score in a distribution from the highest score in the distribution and adding 1.
Variables
Elements, features, or factors that can change or vary in an experiment or study, potentially influencing the outcome.
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Q504: Refer to Table 6-6. If the government