How to calculate the dollar benefits or consumer surplus

Reference no: EM131236722

A new bridge is built, and a person now makes 35 trips per month to the center of the town rather than his or her former 25 trips per month. The time cost of the trip plus wear and tear on the person's auto declines from $4.75 before the bridge to $3.75 per trip after the bridge. Evaluate the benefit in dollars per month of the bridge to this person. Draw this person's demand curve for trips to decide on how to calculate the dollar benefits or consumer surplus.

Reference no: EM131236722

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