Calculate the consumers' surplus (in dollars) at the indicated unit price p for the demand equation.
p = 8 - 2q^(1/3); p = 4
2. Calculate the consumers' surplus at the indicated unit price p for the demand equation. HINT [See Example 1.]
(Round your answer to the nearest cent.)
p = 400e^(-2q); p = 130
3. Calculate the producers' surplus for the supply equation at the indicated unit price p. HINT [See Example 2.]
(Round your answer to the nearest cent.)
p = 10 + 2q; p = 30
4. Calculate the producers' surplus (in dollars) for the supply equation at the indicated unit price p. (Round your answer to the nearest cent.)
p = 7 + 2q^(1/3); p = 18
5. A study of a country's colleges and universities resulted in the demand equation q = 20,000 - 2p, where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges. Officials at Enormous State University have developed a policy whereby the number of students it will accept per year at a tuition level of p dollars is given by q = 9,600 + 0.5p. Find the equilibrium tuition price p and the consumers' and producers' surpluses at this tuition level. What is the total social gain at the equilibrium price? HINT [See Example 3.]
equilibrium tuition price
p = $
consumers' surplus
CS = $
producers' surplus
PS = $
total social gain
$