Answer to Question #133019 in Macroeconomics for Zemba Siamuleya

Question

Given the following demand function:

Q = 120 – 4P + 0.01M, where M is income and stands at K40,000 and the prevailing market price is K10.

a) Calculate the consumer surplus in this market.

b) What is this Market’s willingness to pay?

Answer 1

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