Sir Plus consumes mead, and his demand function for tankards of mead is given by D(p) = 100 − p, where p is the price of mead in shillings.
(a) If the price of mead is 50 shillings per tankard, how many tankards of mead will he consume?
(b) How much gross consumer’s surplus does he get from this consumption?
(c) How much money does he spend on mead?
(d) What is his net consumer’s surplus from mead consumption?
Sir Plus consumes mead and his demand function for tankards