Consider a perfectly competitive market that consists of 20 consumers with identical preferences. Their preference is given by v(x) = 200-2(x-10)^2 if x < 10 or x = 10, and 200 if x > 10. The industry supply of this market is s(p) = 5p. The consumer surplus is

Consider a perfectly competitive market that consists of 20 consumers with identical preferences. Their preference is given by v(x) = 200-2(x-10)^2 if x < 10 or x = 10, and 200 if x > 10. The industry supply of this market is s(p) = 5p. The consumer surplus is

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a perfectly competitive market that consists of 20 consumers with identical preferences. Their preference is
given by v(x) = 200-2(x-10) ^2 if x < 10 or x = 10, and 200 if x > 10. The industry supply of this market is s(p) = 5p.
The consumer surplus is

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