we rarely know the demand curve so we have to estimate the consumer surplus using various techniques.
Question:
we rarely know the demand curve so we have to estimate the consumer surplus using various techniques. read pages 114-116 of the "final business case" and explain how the analysts estimated the consumer surplus for parking and attempt to represent this on a diagram. Link below:
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Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba