You have recently bought four tickets for $15 each to a professional baseball game. You would have been willing to pay $25 for a ticket, but probably would have bought fewer tickets if that were the case. Calculate your total consumer surplus as area.

Answer:

Explanation:

Step one:

What is consumer surplus area?

"Consumer Surplus reflects the difference between what a consumer is willing and able to pay for a product, and what the consumer actually ends up paying.

"

The area of surplus is calculated using the formula for the area of the bounded triangle.

Area of surplus =1/2 b*h

where b= the quantity

           h= consumer surplus

Step two:

given data

the quantity of tickets = 4

b=Q-O------------ (from the chart attached)

cost per tieckt= $15

Total cost of 4 tickets= 15*4= $60

the actual price is $60

Since you are willing to pay $25 per ticket

the total amount you are willing to  pay is = 25*4= $100

Consumer surplus = y-p------------ (from the chart attached)

Consumer surplus = $100 – $60

Consumer surplus = $40

Area of surplus = 1/2 x (4) x40 = $80

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Read the excerpt from The Riddle of the Rosetta Stone by James Cross Giblin.

Some of these scholars made otherwise significant contributions to the world's knowledge of ancient Egypt. A German priest of the 1600s, Athanasius Kircher, wrote the first grammar and vocabulary of Coptic, the language of Christian Egypt. These books were to prove of great value when the hieroglyphs were eventually deciphered.

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But Kircher's ideas about the hieroglyphs themselves were even farther off the mark than those of Horapollo.
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Looking at a certain group of symbols—which actually stood for the name of a pharaoh—Kircher let his imagination run wild.
Some of these scholars made otherwise significant contributions to the world's knowledge of ancient Egypt.
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