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As gasoline prices go up, in the long run, people are more likely to turn to renewable fuels When the demand for goods X is elastic, then increasing the price of goods X as a strategy to increase income is the right strategy when the price in the store drops to Rp. 50, does the total consumer surplus drop to under Rp. 60? True or false

As gasoline prices go up, in the long run, people are more likely to turn to renewable fuels When the demand for goods X is elastic, then increasing the price of goods X as a strategy to increase income is the right strategy when the price in the store drops to Rp. 50, does the total consumer surplus drop to under Rp. 60? True or false

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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As gasoline prices go up, in the long run, people are more likely to turn to renewable fuels
When the demand for goods X is elastic, then increasing the price of goods X as a strategy to increase income is the right strategy

when the price in the store drops to Rp. 50, does the total consumer surplus drop to under Rp. 60? True or false?

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