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Mary buys a chicken for taka 120 and her consumer surplus is taka 80. (10 marks) a. What is her willingness to pay for the

Mary buys a chicken for taka 120 and her consumer surplus is taka 80. (10 marks)

a. What is her willingness to pay for the chicken?

b. If she had bought the chicken on discount for taka 90, what would her

consumer surplus have been?

c. If the price of the chicken were taka 250, what would her consumer surplus

have been?

d. Draw the demand and supply diagram for chicken. In the equilibrium, show

producer and consumer surplus.

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