Find the consumer surplus for the demand curve p = 1003q 2 when q = 5 units
Question:
Find the consumer surplus for the demand curve p = 100−3q2 when q∗ = 5 units are sold at the equilibrium price.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
When q 5 the equilibrium price is p 100 3 5 2 ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
Question Posted:
Students also viewed these Mathematics questions
-
Find the consumer surplus for the demand curve p = 100 4q when q = 10 items are sold at the equilibrium price.
-
The demand function for a certain commodity is p = 5 x/10. Find the consumer surplus when the sales level is 30. Illustrate by drawing the demand curve and identifying the consumer surplus as an...
-
For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given...
-
Which of the following is most nearly the mass of the Earth? (The radius of the Earth is about 6.4 106 m) A. 6 x 1024 kg B. 6 x 107 kg C. 6 x 103 kg D. 6 x 1033 kg E. 6 x 1036 kg
-
Make the journal entries to record the purchase and use of direct materials and direct labour made by Dock Guard in E10-27A. In exercise Dock Guard, which uses a standard cost accounting system,...
-
Echeverria S.A. is an Argentinian manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its production...
-
Continuation of Problem 8.7 . Show how indicator variables can be used to develop a piecewise linear regression model with a discontinuity at the join point $t$. Problem 8.7 Piecewise Linear...
-
When customers purchase a service, they are actually getting a bundle of service attributes. List and describe these attributes using a car-rental agency, a convenience store and a radio station.
-
Indifference curves are a useful tool for managers to model consumer behavior. What are the properties of a typical consumer's preference ordering? For each property, give an example from yourself....
-
The supply and demand curves for a product are given in Figure 6.40. Estimate the equilibrium price and quantity and the consumer and producer surplus. Shade areas representing the consumer surplus...
-
Use the Fundamental Theorem to evaluate the definite integral exactly. S 0 6x dx
-
For the following exercises, graph the functions for two periods and determine the amplitude or stretching factor, period, midline equation, and asymptotes. f(x) = 1/4 sin x
-
Explain how the mix of different retailer types is changing. What are the trends moving toward?
-
In January 2017, UK retailer Tesco bought the wholesaler Booker. Why would they do this?
-
What activities can be used in customer relationship building?
-
You are the district manager for Pureation Beverage Group, a beer and wine distributor. The company has experienced rapid growth and needs to add additional salespeople to its team. Using the sales...
-
Explain how sustainable marketing meets consumers needs
-
Suppose that fX,Y(x, y) = 2e(x + y), 0 x, 0 y. Find Var(X + Y).
-
Dr. Chan obtained a $15,000 demand loan at prime plus 1.5% on September 13 from the Bank of Montreal to purchase a new dental X-ray machine. Fixed payments of $700 will be deducted from the dentists...
-
Implement the test in Problem 10.72, and report a two-tailed p-value? Ophthalmology One interesting aspect of the study described in Problem 10.68 is to assess changes in other parameters as a result...
-
What test can be performed to assess whether the feeding preferences of titmice and goldfinches are comparable on the first day of testing? Zoology A study was performed to look at the preference of...
-
Implement the test in Problem 10.74, and report a p-value? Zoology A study was performed to look at the preference of different species of birds for different types of sunflower seeds. Two bird...
-
In what ways do Confucianism and Daoism complement each other, and in what ways do they oppose each other? Compare and contrast the Confucian notion of Tian with the Christian concept of God. Having...
-
Name AREC FARMS Revenue Cash Income Sales of Livestock Hought for resale Sale of livestock, grain, eto Gov't payments Cooperative distribution puid Crop Insurance Sale of Breeding sock Other cash...
-
7. Two students are enrolled in RMI 2101. Jessica has a 3.8 GPA and Colleen has a 2.0 GPA. Jessica has a variance of 0.5 and Colleen has a variance of 0.4 mathematically prove and identify who faces...
Study smarter with the SolutionInn App