Chapter 13.4, Problem 3CP

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

If demand is

(a) consumer's surplus. (b) producer's surplus.

To determine

**To calculate:** The integral of consumer’s surplus whose demand function is

Explanation

**Given Information:**

The consumer’s surplus whose demand function is approximated by

**Formula used:**

The consumer’s surplus for a demand function

Where

**Calculation:**

Consider the demand function,

The equilibrium point

Use the formula for the consumer’s surplus for a demand function

**(b)**

To determine

**To calculate:** The integral of producer’s surplus whose demand function is

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