In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply

Fantastic news! We've Found the answer you've been seeking!

Question:

In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply and demand are as follows:

Supply P = 8 + 0.10Q

Demand P = 30 - 0.10Q,

where P represents unit price in dollars and Q represents number of units sold each year. Calculate the annual value of aggregate consumer surplus. Round your answer to the nearest two decimal places.