The individual demand curve for a commodity is given by the equation P = X - Q/2,where X is the choke price (price at which quantity demanded is zero).Derive the consumer surplus when the price of the commodity is $5 and X = 10.Using the same demand equation,determine how the consumer surplus will change if price falls to $3 per unit.

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The Answer of The individual demand curve for a commodity is given by the equation P = X - Q/2,where X is the choke price (price at which quantity demanded is zero).Derive the consumer surplus when the price of the commodity is $5 and X = 10.Using the same demand equation,determine how the consumer surplus will change if price falls to $3 per unit.

The Individual Demand Curve for a Commodity Is Given by the Equation