SOLUTION: The demand curve for a certain product is given by p(q)=574-q^2 The supply curve is given by p(q)=1.4q^2 Find the consumer surplus at equilibrium

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Question 1161515: The demand curve for a certain product is given by p(q)=574-q^2 The supply curve is given by p(q)=1.4q^2
Find the consumer surplus at equilibrium
Found 2 solutions by MathLover1, ikleyn:
Answer by MathLover1(20849) About Me  (Show Source):
You can put this solution on YOUR website!

The demand curve for a certain product is given by p%28q%29=574-q%5E2+
The supply curve is given by p%28q%29=1.4q%5E2
The intersection of the supply and demand curves is the point at which the market is at equilibrium.
the consumer surplus at equilibrium:
574-q%5E2+=1.4q%5E2
574+=q%5E2%2B1.4q%5E2
574+=2.4q%5E2
q%5E2=574+%2F2.4
q%5E2=239.16666666666669
q=sqrt%28239.16666666666669%29
q=15.465+
p%28q%29=574-15.465+%5E2+
p%28q%29=334.833+

The intersection point of the supply and demand curves, the point at which the market is at equilibrium is:
(15.465+,334.833+)


Answer by ikleyn(52776) About Me  (Show Source):
You can put this solution on YOUR website!
.

The post by @MathLover1 does not answer the question of the problem.


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