A consumer has inverse demand of       p=15−1q       for a good and the market price is       ​$4.00.       Calculate consumer surplus and the total value of the good for the corresponding quantity consumed.       Consumer surplus is $enter your response here.       ​(Enter your response rounded to two decimal​ places.)       The​ consumer's expenditure for the good is       ​$enter your response here. ​(Enter your response rounded to two decimal​ places.)

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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A consumer has inverse demand of

 

 

 

p=15−1q

 

 

 

for a good and the market price is

 

 

 

​$4.00.

 

 

 

Calculate consumer surplus and the total value of the good for the corresponding quantity consumed.

 

 

 

Consumer surplus is $enter your response here.

 

 

 

​(Enter your response rounded to two decimal​ places.)

 

 

 

The​ consumer's expenditure for the good is

 

 

 

​$enter your response here. ​(Enter your response rounded to two decimal​ places.)

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