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Now, choose a price around the middle of your demand curve and suppose that this is the price of tickets. How many tickets would you
Now, choose a price around the middle of your demand curve and suppose that this is the price of tickets. How many tickets would you buy at this price? Calculate the consumer surplus that you would receive on each of the tickets that you buy at that price, and then add them up to find your total consumer surplus. (For example, if you are willing to pay $150 for a ticket, but the ticket price is $50, you receive consumer surplus of $100. Find this for each price and quantity up to the price that you choose.) Finally, with reference to your demand schedule and demand curve, explain the relationship between price and quantity demanded. Then, explain what consumer surplus is and how it changes as the price of tickets changes. What does consumer surplus mean to you? In what sense are you better off when consumer surplus increases
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