he market for pencils in Eldham is perfectly competitive with no externalities. If market demand is ven by P=114-4Q and market price is $16, what is Consumer Surplus? Enter a number only. Drop e $ sign. Keep your numbers as fractions as far as possible and round to two digits at the last stage.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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The market for pencils in Eldham is perfectly competitive with no externalities. If market demand is
given by P=114-4Q and market price is $16, what is Consumer Surplus? Enter a number only. Drop
the $ sign. Keep your numbers as fractions as far as possible and round to two digits at the last stage.
p=
312.5
er
1,200.5 margin of error +/- 0.2
Find the quantity consumers buy by putting price into the demand equation. Then calculate
the area below the demand curve and above the market price up to this quantity.
Transcribed Image Text:The market for pencils in Eldham is perfectly competitive with no externalities. If market demand is given by P=114-4Q and market price is $16, what is Consumer Surplus? Enter a number only. Drop the $ sign. Keep your numbers as fractions as far as possible and round to two digits at the last stage. p= 312.5 er 1,200.5 margin of error +/- 0.2 Find the quantity consumers buy by putting price into the demand equation. Then calculate the area below the demand curve and above the market price up to this quantity.
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