Explanation Given: The demand curve is p = 100 − 3 q 2 and quantity sold at equilibrium price is 5 units. Formula Used: The demand and supply graphs is as below We observe that the market settles when the demand and quantity graphs cross at the equilibrium price p * and equilibrium quantity q * . Consumer surplus is defined as total amount gained by consumer by purchasing the item at given price, rather than the price they would have been willing to pay C o n s u m e r s u r p l u s = A r e a b e t w e e n d e m a n d c u r v e a n d h o r i z o n t a l l i n e a t p * Calculation: Given the demand curve is p = 100 − 3 q 2 . Also, quantity sold at equilibrium price is 5 units. Equilibrium price can be calculated by substituting the value of q = 5 in demand curve equation. We get p * = 100 − 3 ( 5 ) 2 = 100 − 3 ( 25 ) = 100 − 75 = 25 Consumer surplus can be calculated as follows: C o n s u m e r s u r p l u s = A r e a b e t w e e n d e m a n d c u r v e a n d h o r i z o n t a l l i n e a t p *

6th Edition

ISBN: 9781119267874

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 6.4, Problem 3P

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To find the consumer surplus for the demand curve p=100−3q2 when q*=5 units are sold at the equilibrium price.

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Chapter 6.4, Problem 2P

Chapter 6.4, Problem 4P

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To find the consumer surplus for the demand curve p = 100 − 3 q 2 when q * = 5 units are sold at the equilibrium price.

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To find the consumer surplus for the demand curve p=100−3q2 when q*=5 units are sold at the equilibrium price.

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Chapter 6 Solutions