Question 6 Consider the following demand and supply functions: Demand: 2023 2023 Supply: (a) Show that the point of equilibrium occurs at Q = 3. 2000 1600 1400 1200 1000 800 600 0 2 3
Question 6 Consider the following demand and supply functions: Demand: 2023 2023 Supply: (a) Show that the point of equilibrium occurs at Q = 3. 2000 1600 1400 1200 1000 800 600 0 2 3
Chapter1: Making Economics Decisions
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![Question 6
Consider the following demand and supply functions:
Demand: 2023 e
Supply: 2023x
(a) Show that the point of equilibrium occurs at
Q = 3.
2000
Calculate the consumer surplus:
1800
1600
1400
(d) Calculate the producer surplus
1200
1000
800
600
0
(b) Shade the area of the consumer surplus on the diagram above.
(c) The area of the consumer surplus is defined by the formula below.
1
consumer surplus = 2023.
2
23 5²³ 8³² - 1/1dQ
•
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F377b406c-f666-4c6a-b576-22801b03459e%2F750abb5b-ba1b-4d7e-a8c2-aee1d3de9f51%2F29v2o3s_processed.png&w=3840&q=75)
Transcribed Image Text:Question 6
Consider the following demand and supply functions:
Demand: 2023 e
Supply: 2023x
(a) Show that the point of equilibrium occurs at
Q = 3.
2000
Calculate the consumer surplus:
1800
1600
1400
(d) Calculate the producer surplus
1200
1000
800
600
0
(b) Shade the area of the consumer surplus on the diagram above.
(c) The area of the consumer surplus is defined by the formula below.
1
consumer surplus = 2023.
2
23 5²³ 8³² - 1/1dQ
•
3
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