The demand curve for product X is given by Q X d = 320 – 4P X . Find the inverse demand curve. P X =-Q X d Instructions: Round your answer to the…

The demand curve for productXis given by QXd= 320 – 4PX.

a. Find the inverse demand curve.

PX=-QXd

Instructions:Round your answer to the nearest penny (2 decimal places).

b. How much consumer surplus do consumers receive whenPx= $35?

$

c. How much consumer surplus do consumers receive whenPx= $20?

$

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

The level of consumer surplus

(Click to select)doesn’t changedecreasesincreasesas the price of a good falls.