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 1800 1600 1400 Calculate the consumer surplus: 1200 1000 800 600 0 1 (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. 2 consumer surplus = 2023. 23 5²2 07² - 17/1dQ • 3
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(A) The area of the
Calculate the consumer surplus:
(B) Calculate the
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