A cinema has a capacity of 250 seats. Suppose the cinema increases the price of a ticket from $20, at which 250 tickets are sold, to $25, and it sells 150 tickets. The price increase caused a drop in total consumer surplus of $_ before trying to calculate). - (Hint: draw this scenario out Type your numeric answer and submit

A cinema has a capacity of 250 seats. Suppose the cinema increases the price of a ticket from $20, at which 250 tickets are sold, to $25, and it sells 150 tickets. The price increase caused a drop in total consumer surplus of $_ before trying to calculate). - (Hint: draw this scenario out Type your numeric answer and submit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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