f the inverse demand function for toasters is p = 60 - Q , what is the consumer surplus if price (p) is $30?

Answer and Explanation:

A consumer surplus is the gain a consumer makes by paying less than he is willing to pay for a product. Example if a consumer is willing to pay $300 for a mobile phone but pay $200 for the phone, the consumer surplus is $100

Given that the demand function is P=60-Q

And price is 30

Therefore consumer surplus is, substitute 30 in p

30=60-Q

30-60=-Q

-30=-Q

Q=-30/-1

Q=30

Therefore consumer surplus = 30

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