Microeconomics Theory - Consumer surplus in equilibriumAlgebra Level 2
Consumer surplus is when a consumer derives more benefit (in terms of monetary value) from a good or service than the price they pay to consume it.
Consider a market that has producers and consumers for a certain good, X. The quantity demanded for good x is given by a demand function Qd where Qd= 100-6P where Qd= quantity of X demanded and P is the Price of good X. Also, the quantity supplied, Qs, can be represented by Qs= 4P where Qs is quantity of good X supplied and P is the market price of X. Question: What is the consumer surplus when the market is in equilibrium. Round up your answer to the nearest whole number.