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If demand is P = 80 - 2Q and supply is P = 20 + 3Q, what is the value of the Consumer Surplus? Enter as a value.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 16SQ

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Question

If demand is P = 80 - 2Q and supply is P = 20 + 3Q, what is the value of the Consumer Surplus?
Enter as a value.

Consumer’s gain from trade. The consumer surplus is the area below the demand curve but above the equilibrium price and up to the equilibrium quantity. Consumer surplus is represented by area A.

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