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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?
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