Let p = - - 2x + 20 be the demand function, where p is the unit price of a certain commodity, and a is the quantity demanded per day. a) If the unit price is p = 5 what is the corresponding quantity demanded I per day? b) Based on the unit price p = 5 and quantity demanded per day found in part a) find consumers' surplus: CS

Let p = - - 2x + 20 be the demand function, where p is the unit price of a certain commodity, and a is the quantity demanded per day. a) If the unit price is p = 5 what is the corresponding quantity demanded I per day? b) Based on the unit price p = 5 and quantity demanded per day found in part a) find consumers' surplus: CS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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