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§ The inverse demand function of a group of consumers for a given type of goods is given by the following: ! = −10& + 2000 [$] where q is the demand and ! is the unit price for this product. 1) For a price of 1000 $/unit, calculate the consumption, the co

§ The inverse demand function of a group of consumers for a given type of goods is given by the following: ! = −10& + 2000 [$] where q is the demand and ! is the unit price for this product. 1) For a price of 1000 $/unit, calculate the consumption, the consumers’ gross surplus, the revenue collected by the producers and the consumers’ net surplus. 2) If the price increases by 20%, calculate the change in consumption and the change in the revenue collected by the producers.

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§ The inverse demand function of a group of consumers for a given type of goods is given by the following: ! = −10& + 2000 [$] where q is the demand and ! is the unit price for this product. 1) For a price of 1000 $/unit, calculate the consumption, the co
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