Essay
Figure: Demand for Cincinnati Reds Games Tickets
(Figure: Demand for Cincinnati Reds Games Tickets) Look at the figure Demand for Cincinnati Reds Games Tickets.Consider again Jeff's demand for Reds baseball tickets.Suppose the Reds required all fans to purchase a parking pass for each game at a price of $12.This effectively raises the price of a ticket to $32, and Jeff will decrease his quantity demanded for Reds baseball by one ticket this year.How much consumer surplus has Jeff lost?
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Correct Answer:
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The smaller a
rea under...
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