The Demand for a Product Is Given By Graph the Demand Curve and Calculate Consumer Surplus at Price

question 60

Essay

The demand for a product is given by: $$\begin{array} { c c } \hline \text { Price } & \text { Quantity Demanded } \\\hline \$ 0 & 8 \\1 & 6 \\2 & 4 \\3 & 2 \\4 & 0 \\\hline\end{array}$$
Graph the demand curve and calculate consumer surplus at price of $2.

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Definitions:

Identifying

The process of recognizing and naming someone or something.

Basic Motivation

The fundamental drives and psychological needs that prompt an individual to take action or behave in certain ways.

Self-Actualization

Actualizing one's full abilities and potential, felt as a compelling need or motivation inherent in all people.

Instinct

An innate, typically fixed pattern of behavior in animals in response to certain stimuli.