What is the equilibrium price and quantity?
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Show the consumer surplus and producer surplus in this case. Be sure to separate the consumer surplus of lottery winners from that of concert goers. Compare this to the consumer and producer surplus when tickets are sold on a first come, first served basis. Who gains and who loses? Is there a deadweight loss? C. Briefly discuss how your answer to part (b) would change if resale were prevented. 3. Let the supply curve for Tony Lama genuine sting-ray skin cowboy boots be given by the following equation: Qs= 4p and the demand curve be given by: Qd= 6000-2p. A. What is the equilibrium price and quantity? B. What is the elasticity of demand for hamburgers at the equilibrium? (Your answer should be a number.) C. What are the consumer surplus and the producer surplus at the equilibrium?
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