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Lecture

8.4 Economics & Biology Applications Question #2 (Medium)

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Department
Mathematics
Course
MAT136H1
Professor
All Professors
Semester
Winter

Description
8.4 Challenging Integral Applications Economics & Biology Applications Question #2 (Medium): Consumer Surplus Given a Demand Curve Strategy Consumer Surplus is given by ( )( ) [ ( ) ] And so the total saving is∫ [ ( ) ] , where is the demand amount (ie. number of product sold) Sample Question The demand function is given as , where represents the number sold. Find the consumer surplus when the selling price is Solution Since the number of units sold is not directly given from the question, it needs to be determined in order to apply the inte
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