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graph below. Initially the price of a particular product was $3 and consumption was 800. Now because of an increase in raw material cost, the
graph below. Initially the price of a particular product was $3 and consumption was 800. Now because of an increase in raw material cost, the price increases to $6 and consumption drops to 600. Did the consumers gain or lose from this price increase? By how much? (Hint: use the consumer surplus concept to answer this question.)
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