Answered: 27. If the demand for a pack of…

27. If the demand for a pack of cigarettes is -50-$5P For a typical smoker and the price per pack is $8, how many packs of cigarettes does the person buy? What is his/her consumer surplus?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1PA

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Question

27. If the demand for a pack of cigarettes is
Q=50-$5P
For a typical smoker and the price per pack is $8, how many packs of cigarettes does the person
buy? What is his/her consumer surplus?

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