From the complete information, the consumer surplus will be:
= 1/2(135 - 75)(80 - 0)
= 1/2 × 60 × 80
= $2400
The consumer surplus is $2400.
The producer surplus will be:
= 1/2 × (75 - 15)(80 - 0)
= 1/2 × 60 × 80
= $2400
Therefore, the total surplus will be:
= $2400 + $2400 = $4800
Consumer advantages from market competition are measured economically as consumer surplus. When customers pay less for a good or service than they are willing to, this is known as a consumer surplus. The consumer surplus would be lower and inequality would be higher if markets lacked competition. Higher producer surplus and greater inequality result from lower consumer surplus. Because of the consumer surplus, consumers can choose from a broader variety of goods. A producer's overall profit from manufacturing and reselling a certain amount of a good at market value is referred to as producer surplus. The producer surplus is equal to the entire amount of money a producer makes from selling their products less the marginal cost of production.
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