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A consumer has Cobb-Douglas demand with a=0.2, m=$100, and p1=$2. a) Approximate the consumer's surplus at...

A consumer has Cobb-Douglas demand with a=0.2, m=$100, and p1=$2.

a) Approximate the consumer's surplus at this price. Interpret this value as if you were explaining it to a non-economist.

b) If price rises to $4, what is the loss in consumer surplus?

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