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Assume the market price for lemon grass is $4.00 per pound, but most buyers are willing to pay more

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Assume the market price for lemon grass is $4.00 per pound, but most buyers are willing to pay more

Assume the market price for lemon grass is $4.00 per pound, but most buyers are willing to pay more than the market price. At the market price of $4.00, the quantity of lemon grass demanded is 1,500 pounds per month, and quantity demanded does not reach zero until the price reaches $30.00 per pound. Construct a graph showing this data, calculate the total consumer surplus in the market for lemon grass, and show the consumer surplus on the graph.

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Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Just got PERFECT on my quiz

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