The demand curve for product X is given by QXd = 300 - 2PX.
a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place. PX = - QXd
b. How much consumer surplus do consumers receive when Px = $45?
c. How much consumer surplus do consumers receive when Px = $30?
d. In general, what happens to the level of consumer surplus as the price of a good falls? The level of consumer surplus as the price of a good falls.