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)

 

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Expert Answer

Step 1

Given information

Demand equation

unit set price at p-12
p=20-2qx
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unit set price at p-12 p=20-2qx

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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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Tagged in

Math

Calculus