Chapter 13.4, Problem 22E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

In Problems 17-26, *p* and *C* are in dollars and *x* is the number of units.

The demand function for a product is

To determine

**To calculate:** The Equilibrium Point and Consumer’s Surplus for a product whose demand function is approximated by

Explanation

**Given Information:**

Demand function is approximated by

Supply function is

**Formula used:**

According to the Consumer’s Surplus,

If the demand curve has equation

**Calculation:**

Consider the demand function,

Since, to know the equilibrium point,

Now equate both the equations,

Now simplify for the value of *x*,

And

Substitute

Thus, the equilibrium point

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