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The diagram to the right illustrates the market for outdoor concert tickets in a park in the middle ot a residential area in a particular
The diagram to the right illustrates the market for outdoor concert tickets in a park in the middle ot a residential area in a particular town Ticket prices are measured in dollars (the grid is drawn for $2 50 increments) and ticket quantities are measured in thousands. The locals are not happy about the increased trafc congestion and n0ise that accompany each concert. Note that supply curve 51 represents the marginal private cost of the concerts and the market equilibrium (Q. P) is (20000, $12 50) What is the value of consumer surplus at market equilibrium? The value of consumer surplus at market equilibnum is :5 (Round to the nearest dollar as needed.) $4 54 $3 13 $2 12 $1 $1 5 D 10 15 20 Q of Tickets (Thousands) 25 30
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