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Wossamotta U has student demand for its football tickets of x 20 P where x is the number of tickets in thousands and P is the price per ticket

Wossamotta U. has student demand for its football tickets of x = 20 - ½ P where x is the number of tickets in thousands and P is the price per ticket. Because of commitments to alumni and fat-cat donors, Wossamotta U. has only 16000 student seats available, a fixed supply. (Remember, the horizontal axis should be thousands of tickets.)

Now suppose the Student Government Association of Wossamotta is able to ram through a university by law making it illegal to charge students for tickets to university athletic events. To handle the allocation, the university administration imposes a student lottery. Every student's ID is put into the computer and 16000 are randomly drawn, with tickets mailed to the lucky winners. Is this an efficient allocation? Explain. (Ignore any costs associated with mailing.) "

Apr 23 2020 View more View Less

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