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Consumers’ and producers’ surplus - Integration, Business Mathematics & Statistics Video Lecture | Business Mathematics and Statistics - B Com
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FAQs on Consumers’ and producers’ surplus - Integration, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com
| 1. What is consumer surplus? |  |
Ans. Consumer surplus is a measure of the economic benefit that consumers receive when they are able to purchase a product or service at a price lower than what they are willing to pay. It is calculated as the difference between the maximum price a consumer is willing to pay and the actual price paid.
| 2. What is producer surplus? | |
Ans. Producer surplus is the economic benefit that producers receive when they are able to sell a product or service at a price higher than the minimum price they are willing to accept. It is calculated as the difference between the actual price received and the minimum price the producer is willing to accept.
| 3. How is consumer surplus calculated? | |
Ans. Consumer surplus is calculated by finding the area between the demand curve and the price line. It is measured as the difference between the maximum price a consumer is willing to pay (as indicated by the demand curve) and the actual price paid.
| 4. How is producer surplus calculated? | |
Ans. Producer surplus is calculated by finding the area between the supply curve and the price line. It is measured as the difference between the actual price received and the minimum price the producer is willing to accept (as indicated by the supply curve).
| 5. What is the significance of consumer and producer surplus? | |
Ans. Consumer and producer surplus provide important insights into the efficiency and welfare implications of market transactions. Consumer surplus represents the additional utility or satisfaction that consumers gain from paying a price lower than what they are willing to pay. Producer surplus, on the other hand, represents the additional profit or benefit that producers receive from selling a product at a price higher than their minimum acceptable price. These surpluses contribute to overall economic welfare and can be used to evaluate the efficiency of markets and the impact of policies or interventions.
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Nov 20, 2024 Last updated |
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