Explore BrainMass
Share

Explore BrainMass

    Calculating equilibrium price and consumer surplus

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    1) In a competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is

    4
    8
    9.6
    it elastic

    2) In a competitive market, the market demand is Qd=480 - 5p is the market price is 52, what is the consumer surplus?

    220
    96
    4840
    9680

    © BrainMass Inc. brainmass.com October 10, 2019, 2:26 am ad1c9bdddf
    https://brainmass.com/economics/demand-supply/calculating-equilibrium-price-consumer-surplus-377145

    Solution Preview

    1) In a competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is

    In equilibrium ...

    Solution Summary

    Solution describes the steps to calculate equilibrium price and consumer surplus.

    $2.19