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1. Problem #1 Figure 1 Price 250 + 225 + 200 175 + 150 125 + 100 + 75 50+ 25+ Demand 25 50 75

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1. Problem #1 Figure 1 Price 250 + 225 + 200 175 + 150 125 + 100 + 75 50+ 25+ Demand 25 50 75 100 125 150 Quantity Using Figure-1, find the value of Consumer Surplus and show how you got your answers: A) When the price is $150. (2Marks) B) When the price is $100. (2 Marks) C) What happened to CS as a result of the price change? (1 Mark)

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