Final answer:
Consumer surplus is calculated as the area of a triangle formed by the quantity demand at a given price on the demand curve and the maximum price consumers are willing to pay. For a price of $14, the consumer surplus is $9.
Step-by-step explanation:
To calculate consumer surplus using the demand equation Price = 20-2Q when the price is $14, first, we determine the quantity demanded at that price. Substituting $14 for Price, we get $14 = 20 - 2Q, which simplifies to 2Q = 6 and thus Q = 3. Consumer surplus is the area between the demand curve and the market price, up to the quantity demanded. Graphically, this is a triangle with a base from Q = 0 to Q = 3 and a height from P = 14 to P = 20, which is the maximum price consumers are willing to pay. The area of a triangle is 1/2(base)(height), so the consumer surplus is 1/2(3)(20 - 14) = 1/2(3)(6) = 9.