Solving for Consumer Surplus
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Hi, I have Qs=2p and Qd=9-p. I get confused because when I solve for producer surplus and set 2p=0... of course, p=0. What am I doing wrong ?
The Q then asks if the government sets a price floor of 7, how big is the consumer/producer surplus. How much does the gov't spend?
Any help pls?
mobster72787 4 months ago
you're the best like DJ khaled!!!
lilsaintx1 4 months ago
Thanks!
VaisaNacia 5 months ago
Brilliant!
assface567 7 months ago
@1NOnlyLilBit equation:)
1NOnlyLilBit 7 months ago
Thanks so much. I was looking for the eqation that gave me cs. Thanks Again!!
1NOnlyLilBit 7 months ago
Thanks man i couldn't have figured this out without you :)
whiteguyification 9 months ago
>>mfw you don't use calculus
FissionNonStop 10 months ago
Thanks man helped me out :P
tommyd9388 11 months ago
@gnuboarder2
Qd = 100- 2P
Qd is the linear demand line. We want to know the price when demand is at 0, so we set Qd to 0.
0 = 100-2P
Solve for P.
2P = 100.
P=50. So the price on the vertical axis when Qd is 0 is 15. This is the maximum price consumers are willing to pay.
MrBeeflomein 1 year ago