00:01
Hi there, so for this problem, we are asked to find the consumer surplus at a price level that is given.
00:07
And that price level that we're gonna label with a bar is 120.
00:14
And the price demand equation for this is just, or we're gonna label as the off x is equal to 300 minus 0 .05 times x.
00:26
Now, we know that the consumer surplus is just the integral from zero to the demand value, the demand level of the demand function integrated over x.
00:45
Then this minus the pair between these two values.
00:50
Now we need to find this value right here.
00:53
So we find that by setting the expression that we are given by 120.
00:58
So that will be 120 is equal to 300 minus 0 .05 times x bar.
01:06
So we need to solve for x bar.
01:08
We pass this to this side.
01:10
So that will be then 120 minus 300.
01:14
So that will be minus 180 is equal to minus 0 .05 x bar.
01:20
So solving for x bar, that will be then, we can cancel the minus with the minus, and then we will obtain 180 divided by 0 .05...