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Answered Same Day Dec 23, 2021

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Robert answered on Dec 23 2021

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Q1: Calculate the Consumer Surplus at indicated price ṕ for each of the demand equation:
P=100-i0.1a
ṕ = 90
Ans:
To find equili
ium q and p, inserting demand function into supply function:
Q= 0.05 p2 – 20
P2 = (100-i0.1a)2
P2= 10000 + i 0.2a -200 i0.1a
Q= 0.05 (10000 + i 0.2a -200 i0.1a) -20
Q= 500 + 0.05 i 0.2a-10 i0.1a -20
Q= 480 + 0.05(-1)
Ignoring 10 i0.1a and i2= -1
Q= 480- 0.05
Equili
ium q= 479.95
P=√...

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