EQ 6 2010 answer

EQ 6 2010 answer - (2pts) 2. Consider the following demand...

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EQ # 7 – AGEC 105 – February 17, 2010 (2pts) 1. According to this diagram pertaining to the demand curve for shrimp for a local retailer, when the market price for shrimp is $6/lb, what is the consumer surplus? Show all work. Be careful of your units of measurement.
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Unformatted text preview: (2pts) 2. Consider the following demand function. Calculate the own-price elasticity of demand. $10 $6 $ per Pound 5,000 Pounds P Q $4 $2 A B 16 24 CS = $10,000 = -0.6 or -3/5...
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