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Determine the efficient capacity of the park

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Reference no: EM133065372

If a City has a public park and the annual demand for picnics at the city owned park is QD = 10 - 3P (in this example, if the price of renting the park was $1, the demand would be 7, such that Q = 10 - 3($1) = 7)-this mentioned to offer context.

  1. If the use of the park for a picnic is free, how many picnics will be held at the park annually?
  2. How much is the consumer surplus created in question #5a?
  3. You hired as a consultant and determine that the efficient capacity of the park is 4 picnics annually, how much would you charge to achieve this goal?
  4. You how much is the consumer surplus created in question #5c?
  5. Given the answer from #5c, how much fee revenue is raised by the park?

Reference no: EM133065372

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