Question

question 7 (10 points)
the price of one ticket to a taylor swift concert is $150. according to an economist, under what circumstances will you purchase a ticket?
when your valuation of seeing the concert is less than $150
when your marginal benefit of going to the concert is positive
when your expected marginal benefit from viewing the concert exceeds $150
when your expected marginal cost from viewing the concert exceeds $150

Explanation:

From an economic perspective, a rational decision-maker will purchase a good or service when the expected marginal benefit (the value they place on the item) is greater than or equal to its price (the marginal cost of purchasing it). Here, the ticket price is $150, so the purchase makes sense if the expected marginal benefit from the concert exceeds this cost.

Answer:

when your expected marginal benefit from viewing the concert exceeds $150