![]() ![]() So in this case we have, CS 81 0 405 q 45 dq C S 0 81 405. CS qe 0 D(q) Pmkt(qe) dq C S 0 q e D ( q) P m k t ( q e) d q. Since there is no good model for how the income will be distributed, we can simply connect the points with line segments and find the area using the area formula for a trapezoid. By definition the consumer surplus CS C S, is the area between the demand curve and the market price from 0 0 to the quantity at the point of equilibrium. Instead we are likely to find data points. Equilibrium Price The price at equilibrium per the supply and demand graph. ![]() Maximum Price The maximum price that consumers are willing to pay. We are unlikely to get a formula for income distribution. Consumer Surplus (1/2) × Quantity at Equilibrium × (Maximum Price Equilibrium Price) Quantity The total market demand for a given good or service at equilibrium. In practice, the Gini index is an application where a numeric approximation of an integral is the method most likely to be used. The formula for the consumer surplus is: C o n s u m e r s u r p l u s 1 2 × Q × P. 2)S(x)x2 + 5 x 1 the consumer surplus at the equilibrium point 3) Dx) (-2)2 x-2 Find the equilibrium point. To put this number in context, the reported Gini index for the United States in 2009 was 46.8. The consumer surplus graph is the graphical illustration of the difference between what consumers are willing to pay and what they actually pay. Since Octopus cards have a stored value limit of 3,000, you may tap your card more than once according to how. So the Gini index in this hypothetical country is 40. The first instalment voucher of 3,000 or 1,500 can be collected on April 16, 2023. Thus the bottom 50% of the population earns 20.% of the total income. To find the proportion earned by the bottom half of the population we substitute 0.5 in the equation. ![]() \) What proportion of the income is earned by the bottom half of the population? Find the Gini index. ![]()
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