In a market the demand curve is given by P = 57– 4q and supply by P = 4q. What is CS in the market equilibrium? [Round your answer to 2 decimal places]
Question
Solution 1
To find the consumer surplus (CS), we first need to find the equilibrium price and quantity where the demand equals the supply.
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Set the demand equal to the supply: 57 - 4q = 4q. Solving this equation gives q = 57 / 8 = 7.125.
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Substitute q = 7.125 into either the demand or supply equation to Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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