Question in image. Been stuck on this for hours. Thanks for your help! The market for pencils in Eldham is perfectly competitive with no externalities. If market demand isgiven by P=114-4Q and market price is $16, what is Consumer Surplus? Enter a number only. Dropthe $ sign. Keep your numbers as fractions as far as possible and round to two digits at the last stage.p=312.5er1,200.5 margin of error +/- 0.2Find the quantity consumers buy by putting price into the demand equation. Then calculatethe area below the demand curve and above the market price up to this quantity.

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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.

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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question in image. Been stuck on this for hours. Thanks for your help!

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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