Stats Solutions

Solution: For consumers’ demand function D(q)=40e^-0.05q and q_0=10. Find the total amount of money consumers are willing to spend to get q_0 units of

Question: For consumers’ demand function

\[D(q)=40{{e}^{-0.05q}}\]

and \({{q}_{0}}=10\).

  1. Find the total amount of money consumers are willing to spend to get \({{q}_{0}}\) units of the commodity.
  2. Sketch the demand curve and interpret the consumer’s willingness to spend as an area

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