Helloi wanna rest of answer pleaseThank you Expert AnswerStep 1Note: We'll answer the first question since the exact one wasn't specified. Please submita new question specifying the one you'd like answered.1) The welfare of a consumer is determined by the consumer surplus which is the differencebetween the amount of money a consumer is willing to pay for a goods and the amount theyactually pay.Step 2Consumer surplus (CS) is obtained by subtracting the amount of money that a customer iswilling to pay for a commodity and amount of money that they actually pay. It is the areaabove the equilibrium price and under the demand curve.The consumer surplus can be computed as:Consumer surplus = Willingness to pay - Price paidSuppose John is willing to pay $90 for a book but the price of book is $80, so the consumersurplus of John will be $10($90-$80). Answer the following questions in your own words. Start a new thread while replying.1. What is consumer surplus? How do we calculate it? Provide one real-world exampleto explain.2. What is producer surplus? How do we calculate it? Provide one real-world exampleto explain.3. Refer to the graph below:Prio90Suply30302010Dend1020Based on the graph information calculate:a. Consumer surplus, producer surplus, and total surplus at equilibrium.b. Calculate the consumer surplus when the price is $60 per unit.C. Analyze what happened to consumer surplus when the price increased from $40per unit to $60 per unit. (for example, explain loss to the existing buyers and loss tothe buyers who left the market).

Equilibrium is achieved at the output level where Qs=Qd

1. What is consumer surplus? How do we calculate it? Provide one real-wo to explain. 2. What is producer surplus? How do we calculate it? Provide one real-wor to explain. 3. Refer to the graph below: 30- Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased per unit to S60 per unit. (for example, explain loss to the existing buyers the buyers who left the market).

1. What is consumer surplus? How do we calculate it? Provide one real-wo to explain. 2. What is producer surplus? How do we calculate it? Provide one real-wor to explain. 3. Refer to the graph below: 30- Based on the graph information calculate: a. Consumer surplus, producer surplus, and total surplus at equilibrium. b. Calculate the consumer surplus when the price is $60 per unit. C. Analyze what happened to consumer surplus when the price increased per unit to S60 per unit. (for example, explain loss to the existing buyers the buyers who left the market).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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