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belka [17]
3 years ago
6

You have recently bought four tickets for $15 each to a professional baseball game. You would have been willing to pay $25 for a

ticket, but probably would have bought fewer tickets if that were the case. Calculate your total consumer surplus as area.
History
1 answer:
34kurt3 years ago
4 0

Answer:

<h2>$80</h2>

Explanation:

Step one:

What is consumer surplus area?

"Consumer Surplus reflects the difference between what a consumer is willing and able to pay for a product, and what the consumer actually ends up paying.

"

<em>The area of surplus is calculated using the formula for the area of the bounded triangle.</em>

<em>Area of surplus =1/2 b*h</em>

<em>where b= the quantity </em>

<em>            h= consumer surplus</em>

Step two:

given data

<em>the quantity </em>of tickets = 4

b=Q-O------------ (from the chart attached)

cost per tieckt= $15

Total cost of 4 tickets= 15*4= $60

the actual price is $60

Since you are willing to pay $25 per ticket

the total amount you are willing to  pay is = 25*4= $100

Consumer surplus = y-p------------ (from the chart attached)

Consumer surplus = $100 – $60

Consumer surplus = $40

<em>Area of surplus = </em>1/2 x (4) x40 = $80

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