QUESTION 7 Assurme that the market for Good X is defined as follows: QD 64-16P and...

Question

Question

Answer 1

Answer #1

Answer :Option D:$8

For price P=$3

Demand Qd=64-16*3=16 units

So

For consumer surplus = area of triangle abc=1/2*(4-3)*16=$8

Answer 2

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