Question
The demand curve for product X is given by Q X d = 380 5P X . a. Find the inverse demand curve. Instruction: Enter
The demand curve for product X is given by QXd = 380 5PX. a. Find the inverse demand curve.
Instruction: Enter all values as integers, or if needed, as a decimal.
PX = QXd Instructions: Enter your responses to the nearest penny (two decimal places). b. How much consumer surplus do consumers receive when Px = $55? $ c. How much consumer surplus do consumers receive when Px = $35? $ d. In general, what happens to the level of consumer surplus as the price of a good falls? The level of consumer surplus (Click to select) increases decreases doesn't change as the price of a good falls.
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