Suppose you purchased 15 discounted tickets for an upcoming pop music concert. The tickets cost you $1,080.00 total. To purchase the tickets, you used money from your savings account. Currently, the bank does not pay any interest on money in savings accounts.

Your hope is to resell the tickets the day of the concert. If you sell the tickets outside the concert, you can sell them for $120.00 per ticket.

A ticket scalper wants to corner the market, but to do that he needs your tickets. The scalper has offered to pay you $1,728.00 total for your tickets.

For the following questions, round your answers to two decimals.

Suppose you decide to sell the tickets to the scalper. Your accounting profit from this transaction would be $ . Your economic profit would be $ .

Answer rating: 100% (QA)

Accounting profit Total revenue Total costs Economic profit Total revenu... View the full answer