Econometric question

a. PA S 4000 A 1000 B D 0 15 In equilibrium supply is equal to demand: 15 = 20 - 0.005P. Therefore, P = E1000 and Q = 15 thousand tickets. The consumer surplus is the area below the demand curve above the equilibrium price level (triangle A): (4000 - 1000) . 15,000 = 622,500,000 as Q is in thousands. Usually producer surplus is the area above supply curve below equilibrium price level. In this case, supply of tickets is inelastic, so the producer surplus is the rectangle B: 15,000 . 1000 = E15,000,000. The total surplus is E22,500,000 + $15,000,000 = 637,500,000. There is no deadweight loss.(1. Assuming that the bottom 15000 people win the tickets, what is the consumer surplus? What is the deadweight loss? Suppose the market for Wimbledon tickets is perfectly competitive. Suppose the :lemand for Centre Court tickets is given by Q = 20 0.005P, where Q is the number of tickets in thousands and P is the price in pounds. Centre Court's capacity is known to be equal to 15000 people. a. What is the consumer and producer surpluses in equilibrium? What is the total surplus? What is the deadweight loss? b. The price for men's singles nal 2017 is 190. If tickets are allocated by lottery what is the producer surplus? c. Suppose you have a ranking of Wimbledon fans by their willingness to pay for a ticket from highest to lowest, with the last person in the ranking willing to pay exactly 190. Assuming that the top 15000 people win the tickets, what is the consumer surplus? What is the deadweight loss