The current price for a good is $25, and 90 units are demanded at that price....
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The current price for a good is $25, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 4 percent to $24, consumer surplus by $ (Enter your response to the nearest penny.) The current price for a good is $25, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 4 percent to $24, consumer surplus by $ (Enter your response to the nearest penny.)
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To calculate the change in consumer surplus we need to find the new quantity demanded at the new pri... View the full answer
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