Economic

5. What is the efficient quantity (in 000)? 24 6. What is revenue at the efficient price (in 000)? 0 7. What is the social cost of charging the revenue maximizing price and not the efficient price (in 000)? 72 8. At the urging of shopkeepers who want more customers the city makes parking free. Assuming all drivers have the same value of time, what is the loss of surplus per day created by the $0 price (compared to the efficient price) (in 000)? 3 9. Will the $0 price parking increase demand for the shops? (yeso) no San Francisco has 18,000 parking places available each day. Demand per day for these spaces is given by Q = 24 - 2P, where Q is measured in 000. The figure below shows the situation. Capacity Demand 1. What is the revenue maximizing price? 6 2. What is quantity at that price (in 000)? 12 3. What is revenue at that price (in 000)? 72 4. What is the efficient price