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A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P...

A person’s demand for gizmos is given by the following equation: Q = 6 – 0.5P + 0.0002I, where Q is the quantity demanded at price P when the person’s income is I. Assume initially that the person’s income is $60,000

5. If price rises to $12, how much consumer surplus is lost? [State your answer as an integer, i.e. don't use a decimal point.] Loss in consumer surplus = $

6. If the person’s income were $80,000, what would the loss in consumer surplus from a price rise from $10 to $12? [State your answer as an integer.] Loss in consumer surplus = $

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