Chapter 13, Problem 44RE

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

** Consumer's surplus** The demand function for a product under pure competition is

(a) Find the market equilibrium.

(b) Find the consumer’s surplus at market equilibrium.

**(a)**

To determine

**To calculate:** The market equilibrium if the demand function of a product is provided by

Explanation

**Given Information:**

The demand function of a product is provided by

**Formula used:**

If the demand curve is

**Calculation:**

Consider the demand function,

Now, at equilibrium point, the demand function and supply function must be equal.

Take square on both sides,

**(b)**

To determine

**To calculate:** The consumer’s surplus at market equilibrium if the demand function of a product is provided by

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