Answer:
80
Explanation:
You use the area of a triangle formula (1/2b*h). In this case the base would be 20 (quantity demanded) and the height would be 8 (10-2).
The consumer surplus is $80
The demand curve is a curve that shows the relationship between the quantity demanded and the price of a good. The demand curve is downward sloping because quantity demanded is negatively related to the price of the good.
Consumer surplus is the difference between the highest amount a consumer is willing to pay for the good and the price of the good. Looking at the attached image, the consumer surplus is represented by the triangle formed under the area of the demand curve.
Consumer surplus can be determined by calculating the area of the triangle.
Area of a triangle = 0.5 x base x height
Base = 20 = quantity sold
Height = $10 - $2 = $8
Consumer surplus = 0.5 x 20 x $8 = $80
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