a)Define the term "consumer surplus." If your willingness to pay for a good is $500 and you get it at a discounted price of $275,what is your consumer surplus?
b) In the following figure, calculate the consumer surplus when the market price is $20.

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The Answer of a)Define the term "consumer surplus." If your willingness to pay for a good is $500 and you get it at a discounted price of $275,what is your consumer surplus?
b) In the following figure, calculate the consumer surplus when the market price is $20.

A)Define the Term "Consumer Surplus