Evaluate Elasticity Of Demand And Consumer Surplus

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Assignment   

In this Assignment, you will calculate the Price Elasticity of Demand, demonstrate a firm understanding of consumer choices based on differing marginal utilities, consumersurplus, and how the buying choice and amount of consumer surplus changes based on various pricing schemes.

In this Assignment, you will be assessed on the following outcome:

AB224-5:Demonstrate how the concept of utility affects purchasing decisions by individuals and consumer surplus.

Questions 

1. The accompanying table shows the price and monthlydemand for barrels of gosum berries in Gondwanaland.