Thread: Consumers' surplus

The demand function is:

p = -0.01x^2 - 0.2x + 15

Where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the wholesale unit price is $12 per tape. Rounded to the nearest cent.

How is "surplus" related to the given information?

What have you tried? Where are you stuck?

Please be complete. Thank you!

Originally Posted by B-lap

The demand function is:

p = -0.01x^2 - 0.2x + 15

Where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus if the wholesale unit price is $12 per tape. Rounded to the nearest cent.

Where is the supply function?