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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![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 24 36 %0/22 87 % ¹0² 20
Quantity (tickets/year)
132
44
156
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e8c7fdb-4182-4744-a13a-35178cfab735%2Fb9dc3906-700e-424c-992a-fcf79bc3fa2a%2F4hr1mt_processed.png&w=3840&q=75)
Transcribed Image Text: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 24 36 %0/22 87 % ¹0² 20
Quantity (tickets/year)
132
44
156
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.
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