Adriana Is in Charge of Setting the Price on Basketball

Essay

Adriana is in charge of setting the price on basketball tickets for the local team's home games. From previous experience, she has estimated demand to be
P = 50 - 0.00166Q,
where P represents price in dollars per seat, and Q represents seats that could be sold per game. The seating capacity is 25,000 seats. Determine the number of tickets that would be sold at a ticket price of $15 each. Also, determine the consumer surplus that could be absorbed from these consumers if Adriana were able to set ticket prices so that each customer (who values the ticket at least at $15) pays the entirety of his or her actual valuation of the ticket.