Problem
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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.