$180. Also suppo 4. (1 point) For this question, assume that Lars\'s reservation

Question

$180. Also suppo 4. (1 point) For this question, assume that Lars's reservation price that a few days ago, he bought a ticket for the concert. Today he learns that the conc sold out and that the ticket has a resale value of $70. Which of the following is true? a. He will resell the ticket. b. He will not resell the ticket. c. He is indifferent between going to the concert and going to work. d. Both b and c. (5-7) Problems and short answer questions. 5. Consumer X has jtust bought a new car. Purchasing the car involved a certain amount of "haggling" with the car salesperson. The table below shows the benefit from haggling (in terms of total discount on the car's initial price) and Consumer X's cost from haggling (mainly his opportunity cost of time). The benefits and costs are shown as a function of the number of half-hours spent negotiating the price Number of Total Benefit Total cost half-hours () in $, B() in $, C(r) $500 $580 $600 $610 $602 $200 $40 $120 $160 (a) (1 point) Plot B(z)-C(x) on the graph below 500 400 Time (in half- ours Continued on the next page)

Explanation / Answer

option (a) he will resell the ticket because he doesn't have other option i.e. to go in concert so that it is better to resell the ticket and consume other things.

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