Answer the following questions in your own words. Start a new thread while replying.1. What is consumer surplus? How do we calculate it? Provide one real-world exampleto explain.2. What is producer surplus? How do we calculate it? Provide one real-world exampleto explain.3. Refer to the graph below:Prio90Suply30302010Dend1020Based 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 from $40per unit to $60 per unit. (for example, explain loss to the existing buyers and loss tothe buyers who left the market).

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Description: Answer the following questions in your own words. Start a new thread while replying.1. What is consumer surplus? How do we calculate it? Provide one real-world exampleto explain.2. What is producer surplus? How do we calculate it? Provide one real-w

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Economics

Answer the following questions in your own words. Start a new thread while replying. 1. What is consumer surplus? How do we calculate it? Provide one real-world example to explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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