Find the consumer surplus at the equilibrium price

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A manufacturer makes two products. The price functions for the two products are

p1(x)=43−4x,p2(y)=34−2y.

In May 1991, Car and Driver described a Jaguar that sold for 980,000 dollars. Suppose that at that price only 55 have been sold. If it is estimated that 350 could have been sold if the price had been 600,000 dollars. Assuming that the demand curve is a straight line, and that 600,000 dollars and 350 are the equilibrium price and quantity, find the consumer surplus at the equilibrium price.

Reference no: EM131118695

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