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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.)

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.)

Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
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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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