The demand curve for productXis given by QXd= 320 – 4PX.
a. Find the inverse demand curve.
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.