Answer to Question #210203 in Microeconomics for kirti bhotia

Question

Given the demand function, P36 Q², and the supply function PS-30+ 8. Assuming pure competition, what is the consumers' surplus?

O a. 62.33

b. 32.33

C. 52.33

6.42.33

Answer 1

$p=36-Q ^2\\ Q= \sqrt{-p+36}\\ ​ p=30+8Q\\ Q= \frac{p−30}{8}\\ ​ Qs=Qd\\ \sqrt{-p+36}=\frac{p−30}{8}\\ p=35.523\\Q= \frac{p−30}{8}\\Q=0.690 ​$

$0= \sqrt{-p+36} \\ p=36 ​$

$\frac{1}{2}\times 0.690\times(36-35.523)=0.164565$