1. What is consumer surplus? How do we calculate it? Provide one real-wo to explain. 2. What is producer surplus? How do we calculate it? Provide one real-wor to explain. 3. Refer to the graph below: 30- Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased per unit to S60 per unit. (for example, explain loss to the existing buyers the buyers who left the market).
1. What is consumer surplus? How do we calculate it? Provide one real-wo to explain. 2. What is producer surplus? How do we calculate it? Provide one real-wor to explain. 3. Refer to the graph below: 30- Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased per unit to S60 per unit. (for example, explain loss to the existing buyers the buyers who left the market).
Chapter7: Market Efficiency And Welfare
Section: Chapter Questions
Problem 11P
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