(a) Explanation Given: D ( q ) = 100 − 8 q at sales level q 0 = 4 . Consider the following demand function, D ( q ) = 100 − 8 q ………………(1) At sales level q 0 = 4 , the price will be, P 0 = D ( q 0 ) P 0 = 100 − 8 × 4 P 0 = 100 − 32 P 0 = 68 Use the formula for the consumer’s surplus. If q 0 = 4 units of a commodity are sold at a price of P 0 dollars per unit and if P 0 = D ( q ) is the consumer’s demand function for the commodity. Then, C S = ∫ 0 q 0 D ( q ) d q − P 0 q 0 ............... ( 2 ) Substitute the values in the above expressions D ( q ) = 100 − 8 q , P 0 = 68 and q 0 = 4 (b) To determine To find: The consumer’s surplus for the function

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Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE

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Chapter 6.6, Problem 8PS

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(b)

To determine

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The consumer’s surplus for the function

Solution Summary: The author explains how to find the consumer's surplus at q_0=4.

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