Consider a market characterized by the following inverse demand and supply functions: P_X = 10 − 2Q_X and P_X = 2 + 2Q_X. Compute the surplus consumers receive when an $8 per unit price floor is imposed on the market.

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The Answer of Consider a market characterized by the following inverse demand and supply functions: P_X = 10 − 2Q_X and P_X = 2 + 2Q_X. Compute the surplus consumers receive when an $8 per unit price floor is imposed on the market.

Consider a Market Characterized by the Following Inverse Demand and Supply