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2. The demand curve for product X is given by Q = 200 - 4P, a. Find the inverse demand curve. b. How much consumer surplus do consumer receive when P, = $30? c. In general, what happens to consumer surplus as the price of good rises?

2. The demand curve for product X is given by Q = 200 - 4P, a. Find the inverse demand curve. b. How much consumer surplus do consumer receive when P, = $30? c. In general, what happens to consumer surplus as the price of good rises?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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2. The demand curve for product X is given by Qx = 200 - 4Px a. Find the inverse demand curve. b. How much consumer surplus do consumer receive when P, = $30? c. In general, what happens to consumer surplus as the price of good rises?
Transcribed Image Text:2. The demand curve for product X is given by Qx = 200 - 4Px a. Find the inverse demand curve. b. How much consumer surplus do consumer receive when P, = $30? c. In general, what happens to consumer surplus as the price of good rises?
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