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Desmond demands strawberries according to the scheduleP=16-(Q2), wherePis the price of strawberries ($/pint) andQis the...

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Question

Economics

Desmond demands strawberries according to the schedule

P=16-(Q2)

, where

P

is the price of strawberries (

$

/pint) and

Q

is the quantity (pint/wk). Assuming that the income effect isnegligible, how much will he be hurt if the price of strawberriesgoes from

$(7)/(4)

to

$(14)/()

pint? Instructions: Enter your answer as a whole number.Consumer surplus

$?

Iwk Instructions: Use the line tool (Demand curve, plot 2points) to draw the demand curve. Use the shader tool (consumersurplus) to show the consumer surplus. This will place a rectangleon the graph. Click and drag the end points to the appropriatepositions to identify the consumer surplus. To earn full credit forthis graph you must plot all required points for each curve. Onceall points have been plotted, click on the line (not individualpoints) and a tool icon will pop up. You can use this to enterexact coordinates for your points as needed. Tools Demand curviConsumer sur

image

Answer & Explanation Solved by verified expert
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