Answered: The demand curve for a certain product…

The demand curve for a certain product is given by p(q)=573−q2. The supply curve is given by p(q)=1.2q2. Find the consumer surplus at equilibrium.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 16QP

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Question

The demand curve for a certain product is given by

p(q)=573−q2.

The supply curve is given by

p(q)=1.2q2.

Find the consumer surplus at equilibrium.

The consumer surplus at equilibrium is

$enter your response here.

If necessary, round to two decimal places. Do not include units.

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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