   Chapter 13.5, Problem 40E ### 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 Suppose that the demand function for an appliance is p = 400 q + 400 ( q + 2 ) 2 where 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$19 and the equilibrium quantity is 18 if the demand function for an appliance is given by p=400q+400(q+2)2.

Explanation

Given Information:

The demand function for an appliance is given by,

p=400q+400(q+2)2.

Formula used:

The demand function for an appliance is given by,

p=400q+400(q+2)2.

Consumer surplus at equilibrium point where price is p and quantity q given by,

CS=0qpdqpq

Calculation:

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

p=400q+400(q+2)2

Now, consumer surplus at equilibrium point where price is p and quantity is q is given by,

CS=0qp(q)dqpq

As it is provided that equilibrium price is \$19 and the equilibrium quantity is 18

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