A recent empirical study of the demand for automobiles revealed that the elasticity for a Cadillac Escalade is -4. According to goodcarbadcar.com, 25,600 Cadillac Escalades were sold in 2013 at a price of $64,000. What is the inverse demand curve for a Cadillac Escalade?

P = -0.625Q + 80,000

P = -0.1Q + 66,560

P = -1.6Q + 104,960

P = -0.625 + 65,600

P = -1.6Q + 128,000

Danielle has an (inverse) demand curve given by: P = 100 - 4Q. If Q = 10, what is Danielle's consumer surplus?

150

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100

Josh, a second-year MBA student, takes three hours off one evening and uses his car to go to a movie with a friend. A ticket to the movie costs Josh $8, gasoline for the trip costs $3, and Josh passed up tutoring a student that night for $20 an hour. He could also have used the three hours to work as a grader for a professor for $15 per hour. What is Josh's economic cost of going to the movie?Enter a single number.