What are the consumer and producer surplus, Biology

Assignment Help:

What are the consumer and producer surplus?

Consumer and producer surplus:

At equilibrium P1Q1 (as point B, here demand equals supply)

  • Consumer surplus:

It is equal to area P1AB, it represents the difference among the amounts buyers into aggregate were willing to pay for the good or service compared to what they really did pay (P1), and in effect the usefulness the buyer received but they did not pay for.

191_Consumer and producer surplus.png

  • Producer surplus:

It is equal to area P1BC that represents the difference among the price firms in approx would have accepted for the good or the service supplied compared to that they in fact did receive (P1).


Related Discussions:- What are the consumer and producer surplus

What are complementary genes, What are complementary genes? Does this inher...

What are complementary genes? Does this inheritance pattern obey Mendel's second law? Complementary genes are the different genes that act together to determine a given phenoty

Consistently overwatering a potted tomato plant, Consistently overwatering ...

Consistently overwatering a potted tomato plant will eventually kill it. Using the map, suggest why waterlogged soil results in plant death. O2 cannot reach respiring root cells. T

Heat removal of gutta percha-endodontics principles, Heat removal of Gutta ...

Heat removal of Gutta percha: -    Heated plugger. -    Touch-N-Heat or system B used to thermo soften and remove gutta-percha from root canal systems. -    The cross-sectional

Hydrophily - cross-pollination, Hydrophily - Cross-pollination All hyd...

Hydrophily - Cross-pollination All hydrophytes are not necessarily pollinated by water. In fact most of the aquatic plant are anemophilous, e.g. Alisma, Nymphaea. Like anemoph

Low output versus high output heart failure, Most forms of cardiac diseases...

Most forms of cardiac diseases, like hypertension, valvular diseases and coronary artery diseases manifest as low output heart failure. Systemic vasoconstriction with cold extremit

What are the symptoms of diverticulosis, Q. What are the symptoms of divert...

Q. What are the symptoms of diverticulosis? Depending on the site of diverticula the symptoms may appear. It occurs most often in sigmoid colon and frequency increases with age

Clinical features - rheumatic fever, The American Heart Association (AHA) h...

The American Heart Association (AHA) has recommended the revised Jones Criteria as a guide for ARF diagnosis. The same have been approved by WHO study group for the diagnosis of in

Diestrus- estrous cycle, Diestrus- Estrous cycle This lasts 60 to 70 h...

Diestrus- Estrous cycle This lasts 60 to 70 hours during which functional regression of the corpora lutea occurs. The uteri are small, anaemic, and only slightly contractile.

Define the visual accommodation, Q. What is visual accommodation? Visua...

Q. What is visual accommodation? Visual accommodation is the phenomenon of varying the curvature of the crystalline lens to make possible the difference of its refractivity to

Water logging-water stress, Water Logging Over saturation of soil with ...

Water Logging Over saturation of soil with water is called water logging. If for any reason, the water-table rises close to the ground surface it is bad for plants and soil fer

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd