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Suppose the market demand for a good is described by the equation P = 80 - 2Q. If a change in market supply results in price decreasing from P0 = $60 to P1 = $50, then the resulting change in consumer
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Suppose the market demand for a good is described by the equation P = 80 - 2Q. If a change in market supply results in price decreasing from P0 = $60 to P1 = $50, then the resulting change in consumer surplus is:
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Calculate Q (consumer surplus) when P = 60
⇒ Subtract 60 from both sides
⇒ Add 2Q to both sides
⇒ Divide both sides by 2
--------------------------------------------------------------------------------------------------------------
Calculate Q when P = 50
--------------------------------------------------------------------------------------------------------------
As the value of P decreasing, the value of Q increases from 10 to 15
Johann Bosman
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Sep 8, 2018
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