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The demand for milk is given by

The demand for milk is given by Q=120,000-20,000P.

a. What is the equilibrium quantity of milk if the market price is $3.00?

b. What is the equilibrium quantity of milk if the market price drops to $2.90?

c. Using these results, what is the arc price elasticity of demand for milk here?

d. What is consumer surplus before and after the price decrease?

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Solution Preview :

Prepared by a verified Expert

Microeconomics: The demand for milk is given by

Reference No:- TGS0638274

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Microeconomics: The demand for milk is given by

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