Chapter 13.5, Problem 40E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

** Consumer's surplus** Suppose that the demand function for an appliance is

*q* is the number of units and *p* is in dollars. What is the consumer's surplus if the equilibrium price is $19 and the equilibrium quantity is 18?

To determine

**To calculate:** The consumer’s surplus if the equilibrium price is

Explanation

**Given Information:**

The demand function for an appliance is given by,

**Formula used:**

The demand function for an appliance is given by,

Consumer surplus at equilibrium point where price is

**Calculation:**

As it is provided that the demand function for an appliance is given by,

Now, consumer surplus at equilibrium point where price is

As it is provided that equilibrium price is

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