   Chapter 13.5, Problem 38E ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

#### Solutions

Chapter
Section ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

# Consumer’s surplus If the demand function for wheat is p = 1500 x 2 + 1 + 4 dollars, where x is the number of hundreds of bushels of wheat, what is the consumers surplus at x = 7 , p =   216.13 ?

To determine

To calculate: The consumer’s surplus at x=7,p=216.13 if demand function for wheat is p=1500x2+1+4 dollars

Explanation

Given Information:

Demand function for wheat is,

p=1500x2+1+4 dollars

Where x is the number of hundreds of bushels of wheat.

Formula used:

Demand function for wheat is,

p=1500x2+1+4 dollars

Where x is the number of hundreds of bushels of wheat.

Consumer surplus at x=t is given by,

PS=0tp(x)dxp(t)t

Calculation:

As it is provided that demand function for wheat is,

p=1500x2+1+4 dollars

Where x is the number of hundreds of bushels of wheat.

Now, consumer surplus at x=7,p=216.13 is given by,

CS=07(1500x2+1+4)dx7(216

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

#### Find more solutions based on key concepts 