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James's Ferry Business Scenario: Please use this scenario for this and next question. Question 1: Ferry Business Suppose that James decides to start a new
James's Ferry Business Scenario: Please use this scenario for this and next question. Question 1: Ferry Business Suppose that James decides to start a new business in Madison where he will ferry people across lake Mendota. James takes Econ 101 first and estimates that the market demand for his ferry business is given by: P = 15 - 0.5Q, where Q is the number of people that would want to use the ferry. How many people would use the ferry if James decided to be nice and not charge anything for taking people across lake Mendota? (please enter a numerical answer) Question 19 3 pts Question 2: Ferry Business Given the market demand for James's Ferry Business given in Question 1: Ferry Business, what is the loss of consumer surplus if James decided to charge $5 for each ferry ride as compared to when James did not charge anything? Loss of consumer surplus is: (please enter just the number and not the $ symbol)
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