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3. The demand curve for product X is given by Qxd=6005PX. a) Find the inverse demand curve. b) How much consumer surplus do consumers receive

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3. The demand curve for product X is given by Qxd=6005PX. a) Find the inverse demand curve. b) How much consumer surplus do consumers receive when Px=$50 ? c) How much consumer surplus do consumers receive when Px=$40 ? d) In general, what happens to the level of consumer surplus as the price of a good falls? The level of consumer surplus increases or decreases as the price of a good falls

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