Question
Suppose the demand curves for Kimchi in East Utopia and West Utopia are given as follows: Demand (East Utopia): P = 77 0.8Q Demand (West
Suppose the demand curves for Kimchi in East Utopia and West Utopia are given as follows:
Demand (East Utopia): P = 77 0.8Q
Demand (West Utopia): P = 36 0.7Q
where P is price per unit of Kimchi in Utopian dollars, and Q is quantity demanded for Kimchi in units.
15. If the price of Kimchi is 73 Utopian dollars per unit, the total quantity demanded from Utopia as a whole is [ Answer15 ] units. 16. If the total quantity demanded from Utopia as a whole is 11 units, the willingness to pay for the marginal unit consumed is [ Answer16 ] Utopian dollars per unit.
17. If the price of Kimchi is 29 Utopian dollars per unit, total consumer surplus will be [ Answer17 ] Utopian dollars.
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