Unformatted text preview: suppose the price of a good increases from $10 to $15 and the quantity demanded falls from 80 to 60, as shown in the diagram below. Consumer surplus would decrease by the shaded area, which is equal to (60+80)*5/2 = $350....
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This note was uploaded on 04/05/2012 for the course ECN 437 taught by Professor Peterwilcoxen during the Spring '12 term at Syracuse.
- Spring '12