The demand curve for product X is given by QXd = 340 − 4PX. a. Find the inverse demand curve.   Instruction: Enter all values as integers, or if needed, as a decimal. PX = ___ − ___ QXd Instructions: Enter your responses to the nearest penny (two decimal places).

Managerial Economics: A Problem Solving Approach
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The demand curve for product X is given by QXd = 340 − 4PX.

a. Find the inverse demand curve.

 

Instruction: Enter all values as integers, or if needed, as a decimal.


PX = ___ − ___ QXd

Instructions: Enter your responses to the nearest penny (two decimal places).

b. How much consumer surplus do consumers receive when Px = $45?

$

c. How much consumer surplus do consumers receive when Px = $30?

$

d. In general, what happens to the level of consumer surplus as the price of a good falls?

The level of consumer surplus _____ as the price of a good falls

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