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Elasticity, Consumer Surplus, and Producer Surplus


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IN THIS CHAPTER YOU WILL LEARN:

  1. About price elasticity of demand and how it can be applied.


  2. The usefulness of the total revenue test for price elasticity of demand.


  3. About price elasticity of supply and how it can be applied.


  4. About cross elasticity of demand and income elasticity of demand.


  5. About consumer surplus, producer surplus, and efficiency losses.










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McConnell Economics 18/e OLCOnline Learning Center

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