Given: (
Demand function:
Supply function:
Find the equilibrium quantity: items
Find the consumers surplus at the equilibrium quantity:
Final Answer: The equilibrium quantity is
Step 1 :Given that the demand function is
Step 2 :The equilibrium quantity is found when the demand function equals the supply function. So, we need to solve the equation
Step 3 :Solving the equation gives us
Step 4 :To find the consumer's surplus at the equilibrium quantity, we need to calculate the area between the demand curve and the price (which is the supply curve evaluated at the equilibrium quantity) from 0 to the equilibrium quantity.
Step 5 :The consumer surplus is given by the integral
Step 6 :Evaluating the integral gives us a consumer surplus of $43904.
Step 7 :Final Answer: The equilibrium quantity is