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anastassius [24]
3 years ago
13

The demand function for widgets is given by D(P) 16 2P. Compute the change in consumer surplus when the price of a widget increa

ses from $1 to $3. Illustrate your result graphically.

Business
1 answer:
eduard3 years ago
8 0

Question: The demand function for widgets is given by D(P) = 16 − 2P. Compute the change inconsumer surplus when price of a widget increases for $1 to $3. Illustrate your result graphically

Answer:

For price of a widget equal to $1 consumer surplus is

D(1) = 16 - 2(1) = 14

CS₁ = ½ × (8 – 1) × D(1) = ½ × 7 × 14 = 49.

When price is equal to $3 consumer surplus is

D(3) = 16 - 2(3) = 10

CS₃ = ½ × (8 – 3) × D(3) = ½ × 5 × 10 = 25

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