The buyers' side of the market for amusement park tickets consists of two consumers whose demand curves are shown in the diagram below. a. Graph the market demand curve for this market. Instructions: Use the tool provided to plot the market demand curve for prices: $36, $24 and $0 (three points total). Demand for amusement park tickets Price ($/ticket) 40 36 32 28 24 20 16 12 8 4 0 12 27 30 76 %0 78% Quantity (tickets/year) Tools DMkt Instructions: Enter your response as a whole number. b. Calculate the total consumer surplus in the amusement park market if tickets sell for $12 each. $ per year.

The buyers' side of the market for amusement park tickets consists of two consumers whose demand curves are shown in the diagram below. a. Graph the market demand curve for this market. Instructions: Use the tool provided to plot the market demand curve for prices: $36, $24 and $0 (three points total). Demand for amusement park tickets Price ($/ticket) 40 36 32 28 24 20 16 12 8 4 0 12 27 30 76 %0 78% Quantity (tickets/year) Tools DMkt Instructions: Enter your response as a whole number. b. Calculate the total consumer surplus in the amusement park market if tickets sell for $12 each. $ per year.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...

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