Question

The demand and supply of imported lamb shown as below. Find the CONSUMER's surplus from the equilibrium point. *

P = 70 - 2Q

P = 10 + Q

where

P = price of lamb per kilogram (RM)

Q = quantity of lamb (kg)

Answer 1

$$Q_D=35-0.5p$$

$$Q_=p-10$$

$$p=30$$

$$Q=20$$

$$CS=\frac{70-30}{2}\times20=400$$