Question
(2021 Summer Midterm) There are two groups of consumers, A and B, with the following demand relations, respectively: --------------------------------- Demand A: P = 160 Q
(2021 Summer Midterm) There are two groups of consumers, A and B, with the following demand relations, respectively:
---------------------------------
Demand A: P = 160 QA
Demand B: P = 80 - QB
---------------------------------
The market supply is
P = 0.27Q
Given this information, we can compute that the market equilibrium price is 42.08. The total consumer surplus at the equilibrium is [Answer].
(In decimal numbers, with two decimal places, please.)
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
