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Figure: Determining Surplus 3
-(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?

Question

Use the following to answer questions 
Figure: Determining Surplus 3 
-(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?

Quizplus · Accepted Answer

Consumer surplus is the area above the price line and below the demand curve up to the quantity traded. In this graph, consumer surplus is represented by the green shaded area which equals to ($16-$10) x 10/2 = $60.

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