Question

Asked May 9, 2019

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

p=D(x)=40−0.6x

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

Step 1

__Given:__

The price level *p = *$4.

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

Step 2

__Calculation:__

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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