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Category > Economics Posted 22 Jun 2017 My Price 7.00

Consumer Surplus

a. Find the Consumer Surplus at the competitive equilibrium. (4 points)

b. Interpret the Consumer Surplus (4 points)

c. Determine the point elasticity of demand at price = $18? Is the point elasticity of demand elastic or inelastic – interpret what this means. (4 points)

d. If the firm wished to increase total revenue should the increase or decrease price? Explain. (4 points)

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Status NEW Posted 22 Jun 2017 12:06 AM My Price 7.00

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file 1498091504-Solutions file.docx preview (56 words )
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