Calculate the consumers' surplus at the indicated unit price p for the demand equation p = 8−2q^1/3;p=6.

consumer surplus = 0.5 cents

Explanation:

The unit price: p = 6 ,  demand equation =

first find the value of q by equating the unit price and the demand equation

= 8 - 6 = 2q^1/3

hence q = 1

now the consumer surplus can be calculated by integrating and inputting all the values

        =     applying the limits of q = 1 , 0

Cs = 8 - 3/2 * ( 1 ) ^ 4/3  - 0 + 0 - 6

     = 8 - 3/2 - 6 =  1/2 = 0.5 cents

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