(a) Explanation Given: D ( q ) = 2.5 − 1.5 q at sales level q 0 = 1 . Description: Consider the following demand function, D ( q ) = 2.5 − 1.5 q ……………… (1) At sales level q 0 = 1 , the price will be, P 0 = D ( q 0 ) P 0 = 2.5 − 1.5 × 1 P 0 = 2.5 − 1.5 P 0 = 1.0 Use the formula for the consumer’s surplus. If q 0 = 1 units of a commodity are sold at aprice 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 ) = 2.5 − 1.5 q , P 0 = 1 (b) To determine To find: The consumer’s surplus for the function

7th Edition

ISBN: 9781524916817

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

Publisher: Kendall Hunt Publishing

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Chapter 6.6, Problem 7PS

(a)

To determine

To find: The consumer’s surplus for the given demand function

(b)

To determine

To find: The consumer’s surplus for the function

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Chapter 6.6, Problem 6PS

Chapter 6.6, Problem 8PS

Chapter 6 Solutions

Calculus

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The consumer’s surplus for the given demand function

Solution Summary: The author explains how to find the consumer's surplus for the given demand function.