1. Suppose the demand equation for a manufacturer's product is given by: P = 10(q+10) e-(0.1q+1) … Where p is the price per unit (in dollars) when q units are demanded. Suppose that market equilibrium occurs when q = 20. Determine the consumer surplus under market equilibrium

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
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1. Suppose the demand equation for a manufacturer's product is given by:

P = 10(q+10) e-(0.1q+1)

… Where p is the price per unit (in dollars) when q units are demanded. Suppose that market equilibrium occurs when q = 20. Determine the consumer surplus under market equilibrium.

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