a. What is the equilibrium quantity of milk
The demand for milk is given by Q=120,000-20,000P.
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?
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