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Complete Question
The complete question is shown on the first uploaded image
Answer:
a
The effect of a change in the price of a new pair of headphones on the equilibrium price of replacement tips ( dp/dpN) is
b
The value of Q and p at equilibruim is
and
5
The consumer surplus is
The producer surplus is
Explanation:
From the question we are told that
The inverse market demand is
The inverse supply function is
a
The effect of change in the price is mathematically given as
Now differntiating the inverse market demand function with respect to
We get that
b
We are told that $30
Therefore the inverse market demand becomes
At equilibrium
So we have
Where is the quantity at equilibrium
Substituting the value of Q into the equation for the inverse market demand function
5
Looking at the equation for we see that
For Q = 0
And for Q = 250
Hence the consumer surplus is mathematically evaluated as
Substituting value
And
The producer surplus is mathematically evaluated as
