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Chapter 5 Demand: The Benefit Side of the Market

Chapter 5 Demand: The Benefit Side of the Market. Additional Qs. 1-4 Even-number Questions. Additional Question #1. After prices of beans have been reduced, consumption of beans falls. Why? The Sub Effect caused people to substitute noodles and rice for beans.

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ECON1001

ECON1001. Tutorial 5. Q1. When P=$15, what is the consumer surplus each day? $40 $75 $105 $180 $0 Ans: b. P/($ unit). First of all, how many units are traded when P=$15? The person will continue buying until the amount he is willing to pay for the last unit is the same as the price

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Chapter 5 Demand: The Benefit Side of the Market

ECON1001