Stats Solutions

[See Solution] The demand curve for product X is given by Q d/x = 460 - 4 P x Find the inverse demand curve. How much consumer surplus do consumers receive

Question: The demand curve for product X is given by Q d/x = 460 – 4 P x

  1. Find the inverse demand curve.
  2. How much consumer surplus do consumers receive when P x = $35?
  3. How much consumer surplus do consumers receive when Px = $25?
  4. In general, what happens to the level of consumer surplus as the price of a good falls?

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