Saturday, September 8, 2018

Consumer Surplus and its example


CONSUMER SURPLUS

The consumer surplus is generally defined to be as the difference between the price consumer is willing to pay and the consumer actually pays.

EG: Last week when I went to buy a shirt on Orion mall. I was attracted to see one shirt but the price of that shirt were bit for me to buy. After negotiating for half an hour he gave me a discount of 1000 rupee less.

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