Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.
Sagot :
Since Roy is willing to pay $2.50 for a sports drink, but since the price has increased to $2.75, his consumer surplus would be $0.
Consumer surplus is an economic measure of the benefits that consumers receive as a result of market competition. When the price that consumers pay for a product or service is less than the price that they are willing to pay, this is referred to as a consumer surplus. It is a measure of the additional benefit that consumers receive as a result of paying less than they were willing to pay for something. Consumer surplus and producer surplus can be compared.
Consumer surplus rises when the price of a good falls and falls when the price of a good rises. Economists visualize it as the triangular area under the demand curve between the market price and what consumers are willing to pay.
Learn more about consumer surplus here:
https://brainly.com/question/27856742
#SPJ4
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.
