Calculate the change in consumer surplus if price increases

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Reference no: EM131020067

There are 3 individual in a market with the following linear demand curves:

P1=100-2x

P2=400-0.5x

P3= (100/3) - (2/3)x

a. Derive the market demand curve and draw it on a graph.

b. Calculate total consumer surplus if price is 20.

c. Calculate the change in consumer surplus if price increases to 40

Reference no: EM131020067

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