Consumer surplus-producer surplus and total surplus

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Assuming $5 to be the equilibrium price for this market, please shade in Consumer Surplus (CS), Producer Surplus (PS), and Total Surplus (TS). 2. Assume Felix is willing to pay $8 for a pizza cutter. Tim also wants one, but would only be willing to pay $6 for one. At a restaurant trade industry convention, Felix manages to buy the last pizza cutter at the market price. In a strange twist of fate, however, the retaurant lobby group steps in and supports Tim, takes the newly bought pizza cutter from Felix, refunds Felix for the pizza cutter from the seller, and lets Tim buy the cutter at $5. What happens as a result of this move?

Reference no: EM131101459

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