Level of consumer surplus as the price of a good falls

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Level of consumer surplus as the price of a good falls

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Reference no: EM1313511

Q. The demand curve for product X is given by Q(Quantity) d(demand) of x = 460 - 4P(Price) of x.

a. Find the inverse demand curve.

b. Explain how much consumer surplus do consumers receive when P (Price) of x = $35?

c. Explain how much consumer surplus do consumers receive when P (Price) of x = $25?

d. In general, illustrate what happens to the level of consumer surplus as the price of a good falls?

Reference no: EM1313511

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