3. Suppose a consumer has inverse demand given by p-12-29. a. At what price per unit does the consumer choose to buy 4 units? b. What is the consumer's maximum willingness to pay for 4 units?

Principles of Economics, 7th Edition (MindTap Course List)
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Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
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3. Suppose a consumer has inverse demand given by p=12-2q.
a. At what price per unit does the consumer choose to buy 4 units?
b. What is the consumer's maximum willingness to pay for 4 units?
Transcribed Image Text:3. Suppose a consumer has inverse demand given by p=12-2q. a. At what price per unit does the consumer choose to buy 4 units? b. What is the consumer's maximum willingness to pay for 4 units?
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