Cindy's demand function for ice cream is Q = 5 - 2P. Draco's demand function for ice cream is Q=8-2. P. By how much does the consumer surplus decrease when the price raises from $2 to $3.2? Round your answer to 2 decimal points. Answer: 3.12 The correct answer is: 3.61 X

Cindy's demand function for ice cream is Q = 5 - 2P. Draco's demand function for ice cream is Q=8-2. P. By how much does the consumer surplus decrease when the price raises from $2 to $3.2? Round your answer to 2 decimal points. Answer: 3.12 The correct answer is: 3.61 X

Microeconomics

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ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Elasticity

Section: Chapter Questions

Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...

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Cindy's demand function for ice cream is Q = 5 – 2P. Draco's demand function for ice cream is
Q=8-2. P. By how much does the consumer surplus decrease when the price raises from $2 to $3.2?
Round your answer to 2 decimal points.
Answer: 3.12
The correct answer is: 3.61
X

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