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Consumer demand for hockey memorabilia

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Reference no: EM131699399

A consumer's demand for hockey memorabilia is x(p) = 100-p.

(a) At price p = 40, what is the total benefit she derives from consuming hockey memorabilia? What is her consumer's surplus?

(b) Suppose now the price rises to p0 = 50, what is the change in her consumer's surplus? What part of the change is due to increased cost of buying hockey memorabilia, and what part of the change is due to the reduced consumption of hockey memorabilia?

Reference no: EM131699399

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