Please Write short Assignment with regard to the following instructions: Subject: Consumer surplus and producer surplus...

Please Write short Assignment with regard to the following instructions: Subject: Consumer surplus and producer surplus within no more than 3 pages you should use charts in your answer you should to document your reference 5 grades for this assignment

Expert Solution

Consumer surplus is the gain to the consumer by purchasing a good or services.it is a difference between the price that consumer pay for the good and services and price that they are willing to pay . that is the consumer in any market is available to pruchase the good or service at some maximum williness to price but the market price is lower due to competition and that is the gain is called consumer surplus .

consumer surplus is the area below the demand curve and the equilbrium price.

Producer surplus is thetotal amount that producer benefits from producing and selling the good at equilbruim price or market price. it the derived from total revenue that producers recieves from selling thier goods and services minus the total cost of produciton of producing goods and services .

it is the area above the supply curve of producer upto the market equilbruim price.

Rahul Sunny answered 1 year ago

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