Solved: What is consumer surplus before and after the price decrease, Microeconomics

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What is consumer surplus before and after the price decrease

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.

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Microeconomics: What is consumer surplus before and after the price decrease

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