Suppose the demand for soccer tickets is given by: Q=1000−20PQ=1000−20P. What is the consumer surplus when...
Suppose the demand for soccer tickets is given by: Q=1000−20PQ=1000−20P. What is the consumer surplus when price is $20 per ticket? Write the dollar amount?
Homework Answers
Answer
Q=1000-20P
P=20
Q=1000-20*20=600
the quantity demanded is 600 units
converting the demand curve to the inverse demand curve to find y-axis intercept of the curve which is also called consumer reservation price
Q=1000-20P
20P=1000-Q
P=50-(1/20)Q
consumer reservation price =50
CS=0.5*(consumer reservation price-P)*Q
=0.5*(50-20)*600
=$9000
the consumer surplus is $9000
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