Consider the inverse demand curve: p = 80 - 1Q. Assume the market price is $25.00. Calculate consumer surplus at the equilibrium market price and quantity. Consumer surplus (CS) is $ (Enter your response rounded to two decimal places.)

Consider the inverse demand curve: p = 80 - 1Q. Assume the market price is $25.00. Calculate consumer surplus at the equilibrium market price and quantity. Consumer surplus (CS) is $ (Enter your response rounded to two decimal places.)

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter4: Markets In Action

Section: Chapter Questions

Problem 6SQ

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Give typing answer with explanation and conclusion

Consider the inverse demand curve:
p = 80 - 1Q.
Assume the market price is $25.00.
Calculate consumer surplus at the equilibrium market price and quantity.
Consumer surplus (CS) is $
(Enter your response rounded to two decimal places.)

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