please use computer because handwriting is uncleari need another part of this question pleaseThank you. 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). Expert AnswerStep 1Note: We'll answer the first question since the exact one wasn't specified. Please submita new question specifying the one you'd like answered.1) The welfare of a consumer is determined by the consumer surplus which is the differencebetween the amount of money a consumer is willing to pay for a goods and the amount theyactually pay.Step 2Consumer surplus (CS) is obtained by subtracting the amount of money that a customer iswilling to pay for a commodity and amount of money that they actually pay. It is the areaabove the equilibrium price and under the demand curve.The consumer surplus can be computed as:Consumer surplus = Willingness to pay - Price paidSuppose John is willing to pay $90 for a book but the price of book is $80, so the consumersurplus of John will be $10($90-$80).

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Description: please use computer because handwriting is uncleari need another part of this question pleaseThank you. 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 o

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Answered: to explain. 2. What is producer…

Business

Economics

to explain. 2. What is producer 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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