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A: option c is the correct Answer Consumer surplus $1000 Explanation shows below :-
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A: Disclaimer: Since you have asked multiple questions, we solve the first one for you. If you require…
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Q: Which of the following is most likely an inferior good?
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Q: if the price fall from p0 to p1, the change in consumer surplus is equal to what area?
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A: A demand curve is the graph between quantity demanded of a good at different prices of that good.
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Q: What happens if a consumer's income increases and the supply remains constant?
A: Income of consumers and quantity demanded are positively related.
Q: What is surplus
A: When there is a mismatch between supply and demand for a commodity, or when some people are ready to…
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- Evaluate the behavior of consumers in terms of the demand for productsExplain why you think that the demand of one product may diminish as prices are increasedvSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.