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Suppose an economy is composed of a single consumer and one productive sector producing commodity Q. Let the consumer's demand function be Q(P)=P^(1/(a-1) where a
Suppose an economy is composed of a single consumer and one productive sector producing commodity Q. Let the consumer's demand function be Q(P)=P^(1/(a-1) where a is a constant in the interval 0 < a < 1. Compute the consumer surplus up to the equilibrium quantity denoted by q*.
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