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Consumer surplus decline

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Reference no: EM131400830

Suppose an individual demand curve is given by P = 100 - 5Q, where P is the price of smoothies and Q is the quantity she consumes. Assuming her income per week is $1,000 and the current price of smoothies is $5 each, by how much will her consumer surplus decline if the price of smoothies increasedto $10 each? First diagram your answer by plotting the above demand curve and then determine the dollar value of her loss in surplus.

Reference no: EM131400830

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