Suppose that the market for wheat is characterized by the following demand and supply relationships.

Demand:Q=30,000-20P

Supply:Q=80P

where Q is the quantity of wheat in bushels and P is the price of a bushel of wheat.

Can I calculate the Consumer Surplus without a graph by finding the Y-intercept of the demand curve?

So far I have calculated the equilibrium price and quantity:

30,000 - 20P = 80P

30,000 = 100P

$300 = P (Equilibrium Price)

By using the equilibrium price $300, we can find the equilibrium quantity

Q = 80 * P

Q = 80 * 300

Q = 24,000 (bushels of wheat)