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Posts: 195
4 weeks ago
What is consumer surplus and how is it calculated?
Textbook 
Microeconomics: Principles, Applications, and Tools
Edition: 8th
Authors:
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Posts: 251
4 weeks ago
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Consumer surplus is the difference between consumers' willingness to pay and price or what they must pay for a product. It is calculated by subtracting market price from willingness to pay or the areas between the demand curve and the market price.
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