TiggersGotHops
New member
Qd = 10,000 - 300(Price)
1. Measuring price elasticity at a price of $9 (using above demand curve)
2. Measuring price elasticity at a price of $24 " "
3. If the price of ticket were set at zero (p= 0), the above demand equation means that quantity demanded would yield 10,000 people in the stands. estimate the consumer surplus associated with this outcome.
Steps to solve these 3 questions would be greatly appreciated
1. Measuring price elasticity at a price of $9 (using above demand curve)
2. Measuring price elasticity at a price of $24 " "
3. If the price of ticket were set at zero (p= 0), the above demand equation means that quantity demanded would yield 10,000 people in the stands. estimate the consumer surplus associated with this outcome.
Steps to solve these 3 questions would be greatly appreciated