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July 30, 2015

Homework Help: Economics

Posted by Mary on Sunday, October 8, 2006 at 5:29pm.

Demand is given by Q=9-P. If price is $4, what is the consumer surplus from the third unit of the good?


Consumer surplus is the amount a person would pay less the amount he/she actually pays. So, using algebra, rewrite the demand equation as P=9-Q. The person buying the 3rd unit would be willing to pay $6. So, the consumer surplus is .......

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