How various areas of your figure correspond to the equation

Reference no: EM131324284

Use the numbers for the alcohol and tobacco category from Table 9.1 to draw a figure that illustrates the role that the revenue and the elasticity of demand play in determining the loss of consumer surplus due to an increase in price. Indicate how the various areas of your figure correspond to the equation derived in Appendix 9A.

Reference no: EM131324284

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