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Draw the equation in a diagram

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Reference no: EM132414700

Consider the following demand equation.

Demand: q=25 - 0.2 p

  1. Draw the equation in a diagram.
  2. What is the quantity demanded when the price is $75? 
  3. What is the Consumer Surplus when the price is $75?

Answer: a) Remember to rearrange to get p on the left-hand side:p=125-5q.Then draw the diagram.b)q*=25-0.2p*=25 - 0.2(75) = 10.c) Consumer Surplus = 0.5 x base x height = 0.5 x 10 x (125 - 75) = $250

Reference no: EM132414700

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