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How much fee revenue is raised by the park

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Reference no: EM132789895

If a City has a public park and the annual demand for picnics at the city owned park isQD = 200 0 - 10P

a. If the use of the park for a picnic is free, how many picnics will be held at the park annually?

b. How much is the consumer surplus created in question #5a?

c. You hired as a consultant and determine that the efficient capacity of the park is 700 picnics annually, how much would you charge to achieve this goal?

d. You how much is the consumer surplus created in question #5c?

e. Given the answer from #5c, how much fee revenue is raised by the park?

Please show work for explanation

Reference no: EM132789895

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