Concept explainers
Business: Consumer and Producer Surplus. Chris is enjoying a day at the Splashorama Water Park. His demand function for sliding down EI Monstro Water Slide is given by
a. Find Chris’s consumer surplus if he buys 3 slides
b. Suppose the supply function for Splashorama Water Park for the EI Monstro Water Slide is given by
c. Find the equilibrium point and the consumer and producer surpluses at this point. Assume that Chris buys no more than 6 slides.
Equilibrium point: (4, 6.5), consumer surplus: $27.47, producer surplus: $2.40
d. Explain what the equilibrium point represents to both Chris and to the Splashorama Water Park.
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