Question
Asked May 9, 2019
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Find the consumers' surplus at a price level of $7 for the price-demand equation

p=D(x)=35−0.2x

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

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Expert Answer

Step 1

It is given that, the price-demand equation is p = D(x) = 35 − 0.2x and the price level p = $7.

Step 2

Substitute p = 7 in the price-demand equation to find the demand x as follows.

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Step 3

Calculate the consumer su...

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