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Suppose that the demand for a good X is given as: Qd = 120 - 3P...

Suppose that the demand for a good X is given as: Qd = 120 - 3P a) What is the price elasticity of demand if the price of the good is £10? Interpret this elasticity

Suppose the price of good X increased from £10 to £11. Calculate the change in consumer surplus.

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