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The demand curve for product X is given by QXd 500 5PX Find the inverse demand curve. PX = - QXd Instructions: Round your answer to the nearest penny 2 decimal places How much consumer

The demand curve for product X is given by QXd = 500 - 5PX. a. Find the inverse demand curve. PX = - QXd Instructions: Round your answer to the nearest penny (2 decimal places). b. How much consumer surplus do consumers receive when Px = $50? $ c. How much consumer surplus do consumers receive when Px = $30? $ d. In general, what happens to the level of consumer surplus as the price of a good falls? The level of consumer surplus (Click to select)doesn't changedecreasesincreasesas the price of a good falls

Apr 05 2020 Read more Less More

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