00:01
Now, demand curve is given by q is equal to 100 minus 2p and this is the demand curve and the supply curve is given as q is equal to 3p minus 50.
00:13
Now, we have to find the consumer surplus and producer surplus at equilibrium.
00:18
Now, for demand curve, we first find the value of p.
00:21
So, value of p from here comes out to be equal to 50 minus q by 2 and let us write this as d of q.
00:28
Similarly, from p, from supply curve, we get p is equal to q by 3 plus 50 by 3 and we write this as s of q that is supply curve.
00:38
Now, equilibrium is achieved when demand is equal to supply.
00:42
So, 50 minus q by 2 must be equal to q by 3 plus 50 by 3.
00:47
So, from here we get that 50 minus 50 by 3 is equal to q by 3 plus q by 2 and from here we get the value of q to be equal to 40 and let us take this as q star because this is equilibrium.
01:03
So, now we can find p star as 50 putting in this 50 minus 40 by 2.
01:07
So, this is 30.
01:11
So, now consumer surplus is given by the formula integral 0 to q star demand function dq minus p star q star...