Question
Asked Dec 2, 2019
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Calculate the consumers' surplus if the demand equation is p=20-2q1/3 and the unit price is set at p=12.

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Expert Answer

Step 1

Given, demand equation and unit price

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p 20-2q ..1) Po =12

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Step 2

Consumer surplus is

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CS =D(q)da-Poo

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Step 3

Now, finding the value of q by plugging...

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12 20-2 1/3 >24 =20-12 248 113 = 4 4(4) 4=64

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Tagged in

Math

Calculus

Integration