MEANING OF CONSUMER SURPLUS
Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. It measures the benefit buyer receives from participating in a market.
For understanding it clearly we take one example :-
Suppose you are going for a shopping and your budget is Rs.15,000. But when you reached to mall you saw a huge discounts and offers on clothing and products that you have to buy and the same thing for which you have willing to pay Rs.15,000 you actually paid Rs.10,000 . So (rs.15,000-rs.10,000)Rs.5,000 is consumer surplus .
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