Other >> EconomicsFinding the Consumer and Producer Surplus using Integrationby Christopher Mitchell
Submitted : Spring 2022
The market for a product may be represented by prices of supply and demand given by functions of quantity. A market equilibrium point emerges from the supply and demand functions which represents the most profitable point at which a market sits based on price and quantity sold. Consumer surplus is a term used to represent the amount of money consumers saved by paying a price lower than they were willing to pay. Producer surplus is a term for the amount of extra money producers made by selling their good at a price higher than the lowest they were willing to sell it for. These surpluses may be found using various integration techniques.
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