Question

Asked Dec 3, 2019

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Calculate the Consumers’ Surplus if the demand equation is p = 20 − 2q 1/3 and the unit price is set at ¯p = 12. (10 pts)

Step 1

Given information

Demand equation

Step 2

To determine

Consumer’s surplus

Step 3

Concept

Consumer’s surplus is integrating area of demand from q initial ze...

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