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Question - Consumer's surplus
Sir Plus has a demand function for mead that is If the price of mead is given by the D(p) = 100 - p. If the price of mead is 75, how much is Sir Plus's net consumer's surplus?
(a) 312.50
(b) 25
(c) 625
(d) 156.25
(e) 6,000
Find out the properties of these models by considering the growth of Y in relation to time.
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