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##### ECO 500 - Demand Curve Problem chapter 2

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Question;The demand curve for product X is given by QXd = 520 - 4PX.a. Find the inverse demand curve.PX = - Q X dInstructions: Round your answer to the nearest penny (2 decimal places).b. How much consumer surplus do consumers receive when Px = $50?$c. How much consumer surplus do consumers receive when Px = $30?$-------------------------------- SAMPLEProblem One: The demand curve for product X is given by:.a. Find the inverse demand curve.b. How much consumer surplus do consumers receive whenStart by finding the quantity demanded whenPx $10?Px $10: Find the area of the triangle under the inverse demand curve and above the price line of$10.Along the price axis, the two vertexes of the triangle are $100 (the price associatedwith, and $10, the price line). The base of the triangle is the prince line from 0 to 456units (see illustration below).The base is 450 0 = 450The height is 100 10 = 90The area is 0.5 x 90 x 450 = 20,250c. How much consumer surplus do consumers receive when P x = $15?Find the area of the triangle under the inverse demand curve and above the price line of$15.

Paper#55892 | Written in 18-Jul-2015

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