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Find the inverse demand

1. The demand curve for product X is given by

a. Find the inverse demand curve.

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?

2. Suppose demand and supply are given by

Determine the equilibrium price and quantity. Show the equilibrium graphically.

Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.

How much tax revenue does the government earn with the $12 tax?

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Microeconomics: Find the inverse demand

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