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1. Jake’s marginal willingness to pay function for a good is given as MWTP= 20-2QD.If P...

1. Jake’s marginal willingness to pay function for a good is given as MWTP= 20-2QD.If P represents the market price for the good, then

(a) What is Jake’s demand function for the good ?

(b) What is the maximum amount Mark would be willing to pay for a total of 5 units of the good?

*Provides ome work to justify your answers.

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