Based on this graph,Calculate the consumer surplus from 500 pairs of shoes? $90S (MC)70PricePerPairB50E3010D (MB)Pairs of Shoes2005001,000

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Description: Based on this graph,Calculate the consumer surplus from 500 pairs of shoes? $90S (MC)70PricePerPairB50E3010D (MB)Pairs of Shoes2005001,000

Consumer surplus is the measure of the price of a consumer's willingness to pay less actual price of…

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Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?

$90
S (MC)
70
Price
Per
Pair
B
50
E
30
10
D (MB)
Pairs of Shoes
200
500
1,000

Consumer’s gain from trade. The consumer surplus is the area below the demand curve but above the equilibrium price and up to the equilibrium quantity. Consumer surplus is represented by area A.

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