Answered: For a certain product, the demand…

For a certain product, the demand function is D(Q)=800-82Q and the supply function is S(Q)=80+Q2. Compute the consumer surplus.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 4ST

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For a certain product, the demand function is D(Q)=800-82Q and the supply function is S(Q)=80+Q2. Compute the consumer surplus.

Please answer with explanation. ASAP.

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Consumer’s gain from trade. The consumer surplus is the area below the demand curve but above the equilibrium price and up to the equilibrium quantity. Consumer surplus is represented by area A.

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