Consumer Surplus C.S.=j=1Q(D(x)p)dr of equalenty CS=04QD(x)dx1Q where D(x) de wit te referied ts as the integral part of C.5. and jQ the revenue ar equibuime sumer sumplus (C.S.) is a measure of the benelt consumers gun when they are willing to pay more than the market price. For indiviud consumers, thin is simpl the diflerence between the amount the arber is wiling to pay minus the amount actualy paid. Whit respect to the market in question, its lound by calculatng the area under the demand curve and above the maket price in other words. it D (a e demand curve in a given market wath equilbrium point and B=(Q,p) then consumer suplus at equilterum can be caiculaed as lollown CiS=mQ(D(x)p)dx C.S.x=1QD(x)dxpQ xaQD(x)dx wili be relerred to as the integrat part of c.5, and pQ the revenue at equmbrimm Producer 5urplus cadculated as folions: PSi=i09(ps(x))dx of equivalently PS=PQ2=9QS(x)dx where x0QS(x)dx wil be teterred so as the integral part of PS. and pQ the revenue at equifibrium STAFT OF PAOBLEM The demand tor catin rentaks in Chet woods suae Paik is modeled ty the function D(x), where D(z)=1613.913.9x dollars per cabin pet month. wheie x represents the number of cahm rented. The suppy of the catins is given ty S(x)=10.6x+296.4 START OF PROBLEM The derrand tor cabin rentals in Chet woods Stase Park is modeled by the funcion D(x), where D(x)=1643913.9x dollars per cabin per month, whece a represents the number of cabins renied. The supply of the cabind is gyes try S(x)=10.6x+296.4 dolsas per cabin per month Again, x represeats the number of cakins rented the labels of the shaded regions to complete the problems below (a) Find the equilibrum point and enter a as an ordered pait: . Use the coordinates of the equabnum point to complete the following When supply and demand are at equibrum, there will be cabins avalable at a reralal price of s per woret. Ths means that 2 equibiam, he loes morthy revenue generated tom cabin rentals will be $ This value of tevenue coresponds to ante graph. Snce the revenun is equal of this mea. we can ato compice the revenue by finding the area. The aren can be found by evalusing the detinie integral below (there we are crly seiting ip the integral, not evalusing in Revenue=Aren= surplus lormula below. Then, continue to ti in the blariks to pertorm the theps to evaluate the integral Round the bnal answer to 2 decmil pacti. C.S. integral = 1= (roura bs 2 decimal places) is formula below, Then, contimie to tilil in the blanks to pertorm the steps to evalate the integral. Round the final answer to 2 decimal places. value of this definse inteqral corresponds to in the graph. (Keep in mind that the area choven here is dot the area that gives consumer surplus. Because we hwe noc yet fnished the formula ) Uso your answers trom parts (a) and (b) to calculate the consumer sumplus when supply and demand are at equilorium: Consumer surplus at equitibrium = Consumer surplus at equilbnam corresponds to in the graph formula below. Then, continue to tili in the blanks to pertorm the steps to evalusie the integal. Aound the fhal anwwer to 2 decimal places. PS.integral= de = (iound to 2 derima pinces) (round to 2 decimal places) The value of this detinite integral corresponds to In the graph. (Keep in mind that the area chosen fere is not the area that gives conturner sumplus, becaise ne have not yet finhised the sormula? (c) Use yout answers from parts (a) and (b) to calculate the consureer surplus when supply and demsnd are at equiborum: formula below Then, conthue 10 ill in the blanks to perlorm the steps to evaluate the integral. Round the find answer to 2 decimal places. The vadue of this aefinite integal corresponds to Wi the graph. (Keep in mind that the area chosen here is not the avea that oves producet suiplus, becase me have nat yet fnaked the borthab). (e) Use your answers from pars (a) and (b) to caloulase the producer supplis when supply and demand are at equilbram: Producer surplas at equilibrium = Producer surpius at equibrum contesponds to in the graph. Consumer Surplus C.S.=j=1Q(D(x)p)dr of equalenty CS=04QD(x)dx1Q where D(x) de wit te referied ts as the integral part of C.5. and jQ the revenue ar equibuime sumer sumplus (C.S.) is a measure of the benelt consumers gun when they are willing to pay more than the market price. For indiviud consumers, thin is simpl the diflerence between the amount the arber is wiling to pay minus the amount actualy paid. Whit respect to the market in question, its lound by calculatng the area under the demand curve and above the maket price in other words. it D (a e demand curve in a given market wath equilbrium point and B=(Q,p) then consumer suplus at equilterum can be caiculaed as lollown CiS=mQ(D(x)p)dx C.S.x=1QD(x)dxpQ xaQD(x)dx wili be relerred to as the integrat part of c.5, and pQ the revenue at equmbrimm Producer 5urplus cadculated as folions: PSi=i09(ps(x))dx of equivalently PS=PQ2=9QS(x)dx where x0QS(x)dx wil be teterred so as the integral part of PS. and pQ the revenue at equifibrium STAFT OF PAOBLEM The demand tor catin rentaks in Chet woods suae Paik is modeled ty the function D(x), where D(z)=1613.913.9x dollars per cabin pet month. wheie x represents the number of cahm rented. The suppy of the catins is given ty S(x)=10.6x+296.4 START OF PROBLEM The derrand tor cabin rentals in Chet woods Stase Park is modeled by the funcion D(x), where D(x)=1643913.9x dollars per cabin per month, whece a represents the number of cabins renied. The supply of the cabind is gyes try S(x)=10.6x+296.4 dolsas per cabin per month Again, x represeats the number of cakins rented the labels of the shaded regions to complete the problems below (a) Find the equilibrum point and enter a as an ordered pait: . Use the coordinates of the equabnum point to complete the following When supply and demand are at equibrum, there will be cabins avalable at a reralal price of s per woret. Ths means that 2 equibiam, he loes morthy revenue generated tom cabin rentals will be $ This value of tevenue coresponds to ante graph. Snce the revenun is equal of this mea. we can ato compice the revenue by finding the area. The aren can be found by evalusing the detinie integral below (there we are crly seiting ip the integral, not evalusing in Revenue=Aren= surplus lormula below. Then, continue to ti in the blariks to pertorm the theps to evaluate the integral Round the bnal answer to 2 decmil pacti. C.S. integral = 1= (roura bs 2 decimal places) is formula below, Then, contimie to tilil in the blanks to pertorm the steps to evalate the integral. Round the final answer to 2 decimal places. value of this definse inteqral corresponds to in the graph. (Keep in mind that the area choven here is dot the area that gives consumer surplus. Because we hwe noc yet fnished the formula ) Uso your answers trom parts (a) and (b) to calculate the consumer sumplus when supply and demand are at equilorium: Consumer surplus at equitibrium = Consumer surplus at equilbnam corresponds to in the graph formula below. Then, continue to tili in the blanks to pertorm the steps to evalusie the integal. Aound the fhal anwwer to 2 decimal places. PS.integral= de = (iound to 2 derima pinces) (round to 2 decimal places) The value of this detinite integral corresponds to In the graph. (Keep in mind that the area chosen fere is not the area that gives conturner sumplus, becaise ne have not yet finhised the sormula? (c) Use yout answers from parts (a) and (b) to calculate the consureer surplus when supply and demsnd are at equiborum: formula below Then, conthue 10 ill in the blanks to perlorm the steps to evaluate the integral. Round the find answer to 2 decimal places. The vadue of this aefinite integal corresponds to Wi the graph. (Keep in mind that the area chosen here is not the avea that oves producet suiplus, becase me have nat yet fnaked the borthab). (e) Use your answers from pars (a) and (b) to caloulase the producer supplis when supply and demand are at equilbram: Producer surplas at equilibrium = Producer surpius at equibrum contesponds to in the graph