Suppose that you have the following demand curve: Q = 120- 4P + 0.001 I Where Q

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Suppose that you have the following demand curve:

Q = 120- 4P + 0.001 I

Where

Q = quantity demanded,

P = price, and

I = average income.

You know that the current market price is ZMW10 and average income is ZMW40,000.

a)Calculate the markets consumer surplus.

b)Calculate the market's total willingness to pay.

Posted Date: Jul 03, 2024 11:06 PM

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Suppose that you have the following demand curve: Q = 120- 4P + 0.001 I Where Q

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