1. The demand curve for product X is given by ![](https://secure.expertsmind.com/securegateway/securepanel/data:image/png;base64,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)
![](https://secure.expertsmind.com/securegateway/securepanel/data:image/png;base64,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)
![](https://secure.expertsmind.com/securegateway/securepanel/data:image/png;base64,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)
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![](https://secure.expertsmind.com/securegateway/securepanel/data:image/png;base64,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)
![](https://secure.expertsmind.com/securegateway/securepanel/data:image/png;base64,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)
![](data:image/png;base64,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)
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?