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8 [3 points] Market demand for books is given by QB = 70 5p. Market supply of books is summarized by Q5 = 1030 20.

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8 [3 points] Market demand for books is given by QB = 70 5p. Market supply of books is summarized by Q5 = 1030 20. The price in the market is $6 and the quantity bought is 40' What is th arginal willingness to pay for the 10th unit? - A. $3 B. $12 _\\. C. $20 D. $80 E. It is higher than $6 but we don't know exactly how much it is. Solution: B. Rewrite the demand curve as the inverse demand curve p = 70'5QD . For the 10th unit, P = M WTP = 7010 _ 5 $12

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