23 Jul WHAT IS THE CONSUMER SURPLUS?
Price (dollars per ticket) Quantity (tickets per show) Total Cost (dollars per show) Show more Price (dollars per ticket) Quantity (tickets per show) Total Cost (dollars per show) 20 0 1000 18 100 1600 16 200 2200 14 300 2800 12 400 3400 10 500 4000 8 600 4600 6 700 5200 4 800 5800 BIg Top is the only circus on the nation. The table below illustrates the demand schedule for circus. a. Calculate Big Tops profit maximizing price___ output ____ and economic profit if it charges a single price for all tickets_____ b. What is the consumer surplus?____ and producer surplus?_____ c. If the circus industry were perfectly competitive how many tickets would be sold and what would be the price of a ticket?____ d. When Big Top maximizes profit is the circus efficient? Explain. Show less
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