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a. Draw the area of consumer surplus on your graph. Draw the area of producer surplus.

b. find out consumer surplus as the sum of the difference between the price and the marginal utility for each pie. find out producer surplus as the sum of the difference between price and marginal cost for each pie.

c. Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition. Which is better for consumers? Which is better for producers? Which is better for society?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M947806

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