Microeconomics (13th Edition)
Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 5, Problem 27APA

(a)

To determine

Identify the resource allocation of water between agriculture and residential resources.

(b)

To determine

Identify the role of higher price in an efficient allocation of resources.

(c)

To determine

Identify the effects of higher price in consumer surplus and producer surplus.

(d)

To determine

Identify the role of fair rules and fair results in price changes.

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