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Consumer Surplus and the Demand CurveСтр 1 из 2Следующая ⇒ Consumer Surplus and the Demand Curve · A consumer’s willingness to pay for a good is the maximum price at which he or she would buy that good. · Individual consumer surplus is the net gain to an individual buyer from the purchase of a good. It is equal to the difference between the buyer’s willingness to pay and the price paid. Willingness to pay and consumer surplus · Total consumer surplus is the sum of the individual consumer surpluses of all the buyers of a good · The term consumer surplus is often used to refer to both individual and total consumer surplus
How changing Prices affect consumer surplus · A fall in the price of a good increases consumer surplus through two channels:
Producer Surplus and the supply curve · A potential seller’s cost is the lowest price at which he or she is willing to sell a good · Individual producer surplus is the net gain to a seller from selling a good. It is equal to the difference between the price received and the seller’s cost.
Changes in Producer Surplus · When the price of a good rises, producer surplus increases through two channels:
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