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Define the individual consumer surplus and total producer surplus.
Individual consumer:
Individual consumer surplus is the net profit to an individual buyer through the purchase of a good. This is equal to the dissimilarity between the buyer’s willingness to pay and the price paid.
Total producer surplus:
Total producer surplus into a market is the net of the individual producer surpluses of each the sellers of a good.
discuss Haberler''s opportunity cost doctrine.
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can you tell me how this works, i am struggling to write my report in economics and i would like to know how much does it cost some help
The _______________ illustrates the notion of opportunity cost. If an economy is fully utilizing its resources, it can produce more of one product only if it produces less of anoth
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