Homework Answers
Consumer surplus is the area below the demand curve and above the equilibrium price of $12.
Consumer surplus = (0.5)(25-12)(500) thousands = 3250 thousand =$ 3250/1000= $3.25 million
Producer surplus is the area above the supply curve and below the equilibrium price of $12.
Producer surplus = (0.5)(12-6.4)(500) thousand = 1400 thousand = $(1400/1000)million =$ 1.4 million.
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The table sets out the demand schedule for passes and the cost
schedule for running the theme park.
At the market equilibrium, no children under 10 years old
visit the theme park.
Happyland offers children a discount of 50 percent, which
brings in more families.
This discount ______ consumer surplus and ______ producer
surplus.
A.
decreases; increases
B.
increases; increases
C.
increases; decreases
D.
decreases; decreases
Happyland is ▼ more/less(choose)...
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