What is the consumers' surplus if the selling price is set at $150/unit? (Round your answer to the nearest dollar.)

Question

Consumers' Surplus, The demand function for a certain model of Blu-ray player is given by

p=450/0.5x+2

where p is the unit price in dollars and x (in units of a thousand) is the quantity demanded per week. What is the consumers' surplus if the selling price is set at $150/unit? (Round your answer to the nearest dollar.)

Answer 1

150 = 450/(0.5x + 2); 0.5x + 2 = 3; x = 2

CS = ∫₀²(450/(0.5x + 2) - 150)dx = [900ln(0.5x + 2) - 150x]₀² = (900ln3 - 300) - 900ln2 = 900lm1.5 - 300 =

$64.92