Asked May 9, 2019

Find the consumers' surplus at a price level of $4 for the price-demand equation


where p is the price and x is the demand. Do not include a dollar sign or any commas in your answer.


Expert Answer

Step 1


The price level p = $4.

The price-demand equation is p = D(x) = 40 − 0.6x.

Step 2


Substitute p = 4 in the price-demand equation to find the demand x as follows.

Step 3

Calculate the consumer su...


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