Assume that Coca Cola and Pepsi are substitute goods. If the price of Pepsi decreases, what will happen to the price and quantity sold of Coca-Colas? Price will increase and quantity sold will increase. Price will increase and quantity sold will decrease. Price will decrease and quantity sold will increase. O Price will decrease and quantity sold will decrease. O None of the above. Demand elasticity measures the responsiveness of a change in quantity demanded to a change in price. a change in output. a change in supply. a change in production costs.

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

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