Posted by **Mary** on Sunday, October 8, 2006 at 5:29pm.

Demand is given by Q=9-P. If price is $4, what is the consumer surplus from the third unit of the good?

Consumer surplus is the amount a person would pay less the amount he/she actually pays. So, using algebra, rewrite the demand equation as P=9-Q. The person buying the 3rd unit would be willing to pay $6. So, the consumer surplus is .......

## Answer This Question

## Related Questions

- Economics - As price falls along the elastic portion of a linear demand curve, ...
- Econ MC - Suppose that the equilibrium price in the market for widgets is $5. If...
- Microeconomics - Answer the following questions based on the graph that ...
- Econ - F. Flinstone has quasilinear preferences and his inverse demand function ...
- economics math - Consider the problem of a rational consumer with an experienced...
- Economics - An early freeze in CA sours the lemon crop, What happens to consumer...
- Economics - I have the following question in my assignment: The cost of ...
- Economics - Given a demand fxn of 20-2P and a supply fxn of -4+P for a perf. ...
- economics - Given a demand fxn of 20-2P and a supply fxn of -4+P for a perf. ...
- Economics - I am trying to calculate the reduction in consumer surplus and ...

More Related Questions