**PLEASE ANSWER BOTH I KEEP GETTING THE WRONG ANSWERS. I DO NOT KNOW WHERE I AM GOING WRONG. IF YOU CAN SHOW WORK THAT WILL BE GREAT…I KEEP PICKING THE WRONG ANSWERS Identify the area or areas that represent the loss in consumer surpluswhen the price increases from P2 to P1.PriceP₁P₂P3ABBDFA and BB and CCEсQuantity In the graph, an increase in quantity demanded would be represented by a change from point a topoint while a decrease in demand would be represented by a change from point d to pointPrice($)5040302010O0b; bOb; cOO c; bC; C100200b300Quantity400500D₁Do

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Identify the area or areas that represent the loss in consumer surplus when the price increases from P2 to P1. Price P₁ P₂ P₂ B A B O A and B C F B and C O m Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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