Suppose Pat’s demand for ounces of soda in a month is q= D(p) = 600 -30p, where p is the price of an ounce of soda in pennies.a) If the price of soda is 5 cents per ounce, how many ounces will Pat consume in a month?b) How much money does Pat spend on soda in a month?c) How much consumer surplus does Pat receive from soda consumption?d) Suppose the price of soda rose to 10 cents per ounce. What effect would this have on Pat’s consumer surplus? Be specific.
Suppose Pat’s demand for ounces of soda in a month is q= D(p) = 600 ÂÂ30p, where p is the price of an ounce of soda in pennies.a) If the price of soda is 5 cents per ounce, how many ounces will…
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