Figure 7-6 -Refer to Figure 7-6.What Happens to the Consumer Surplus If

question 239

Multiple Choice

Figure 7-6

-Refer to Figure 7-6.What happens to the consumer surplus if the price rises from $100 to $150?

• A) The new consumer surplus is half of the original consumer surplus.
• B) The new consumer surplus is 25 percent of the original consumer surplus.
• C) The new consumer surplus is double the original consumer surplus.
• D) The new consumer surplus is triple the original consumer surplus.

Derive implications of elasticity for marketing and pricing strategies.

Explore the impact of elasticity on tax incidence.

Understand the concept of elasticity in economics and its applications to demand and supply.

Distinguish between different types of elasticity (price, income, cross-elasticity) and their implications.

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