How will the given affect consumer surplus explain

Reference no: EM131916047

Problem

1. Consider a market in equilibrium. Suppose supply in this market increases. How will this affect consumer surplus? Explain.

2. You currently have a television that you want to sell. You can either pick a price and try to sell it at a yard sale or auction it off on eBay. Which method do you think will yield a higher producer surplus? Why?

Reference no: EM131916047

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