Predict the new equilibrium price and illustrate with graph

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Consider the demand for CO2 allowances in the European Union. The supply of allowances is fixed, and the initial price is $20 per ton. Suppose that dry weather in the Nordic countries increases the demand for allowances by 6 percent, and the price elasticity of demand for permits is 2.0. Predict the new equilibrium price, and illustrate with a graph. (Related to Application 4 on page 673.)

Reference no: EM131134515

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Predict the new equilibrium price and illustrate with graph : Predict the new equilibrium price, and illustrate with a graph. (Related to Application 4 on page 673.)

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