3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Based on the survey an estimated demand function was derived to represent an average household: P 200- 50Q. This is demand per year per household. If there are approximately 2000 houscholds with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?

3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Based on the survey an estimated demand function was derived to represent an average household: P 200- 50Q. This is demand per year per household. If there are approximately 2000 houscholds with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 2E: Plot the price and quantity data given in the demand schedule of exercise 1. Put price on the...

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