Hirsty
Lv 5
Hirsty asked in Social ScienceEconomics · 12 months ago

How do I calculate equilibrium quantity?

supply curve = P = 3 + 4Q

demand curve = P= 17 – 3Q

solve for q so market price is 11.

Now what is the quantity so I can calculate consumer surplus?

2 Answers

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  • Oiy
    Lv 6
    12 months ago

    If P=11, 11=3+4Q, Q=8/4=2.

    Consumer surplus= 1/2(17-11) x 2

  • 12 months ago

    3+4q = 17 - 3q

    ==> 7q = 14

    ==> q = 2

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