3.2 Use the numbers for the alcohol and tobacco category from Table 5.2 to draw a figure...
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3.2 Use the numbers for the alcohol and tobacco category from Table 5.2 to draw a figure that illustrates the roles 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 footnote 8. M
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