Determine the consumers' surplus if the market price is set at $8/unit. (Round your answer to two decimal places.)

Question

Consumers' Surplus, It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is,

p=\sqrt(256-6x)

Determine the consumers' surplus if the market price is set at $8/unit. (Round your answer to two decimal places.)

Answer 1

Equilibrium demand: 8 = √(256 - 6x); 64 = 256 - 6x; x = 32 hundred units per week

CS = ∫₀³²[(256 - 6x)^1/2 - 8]dx = $142.22