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Figure: Determining Surplus
-(Figure: Determining Surplus)In the graph,the formula for consumer surplus is 0.5 × (i - j)× (k - i).

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Use the following to answer questions 
Figure: Determining Surplus 
-(Figure: Determining Surplus)In the graph,the formula for consumer surplus is 0.5 × (i - j)× (k - i).

Quizplus · Accepted Answer

The formula for consumer surplus is 0.5 × (base) × (height), where the base is the quantity and the height is the difference between the maximum price consumers are willing to pay and the market price. The given formula does not correctly represent this calculation.

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