Question
Suppose that you have the following demand curve: Q = 120- 4P + 0.001 I Where Q = quantity demanded, P = price, and I
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.
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How Social Forces Impact The Economy
Authors: Steven Pressman
1st Edition
1000062899, 9781000062892
