Two economists from Northwestern University estimated the benefit households received from subscribing to broadband Internet service.
They found that in the year they analyzed, 47 million consumers paid an average of 36 per month to subscribe to a broadband Internet service, and estimated the value of total consumer surplus for these subscribers was equal to 890.4 million. Based on these numbers, what was the average monthly consumer surplus per subscriber for broadband Internet service?
A) 0.05 B) 0.77 C) 13.06 D) 18.94
Question 2
Suppose the price of gasoline in July 2004 averaged 1.35 a gallon and 15 million gallons a day were sold. In October 2004, the price averaged 2.15 a gallon and 14 million gallons were sold.
If the demand for gasoline did not shift between these two months, use the midpoint formula to calculate the price elasticity of demand. Indicate whether demand was elastic or inelastic.
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