If we know that the demand function of a product is Qd-100-P, where P is the price per product units, and Q is the number of products. a. Calculate the consumer surplus, if the market price is IDR 50 per unit! b. If the market price rises from IDR 50 to IDR 75 per unit, calculate the new consumer surplus. C. Draw items a and b in one diagram.

If we know that the demand function of a product is Qd-100-P, where P is the price per product units, and Q is the number of products. a. Calculate the consumer surplus, if the market price is IDR 50 per unit! b. If the market price rises from IDR 50 to IDR 75 per unit, calculate the new consumer surplus. C. Draw items a and b in one diagram.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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