Illustrate the aspect depends onto producers and consumers surplus.

a. How much advantage do producers and consumers receive by the existence of a market?

b. How is the welfare of consumers and producers influenced by changes within market prices?

c. How are such concepts associated to demand and supply curve?

Types of surplus:

• Consumer Surplus

• Producer Surplus

• Cost

• Market Failure

The total consumer surplus produced by purchases of a good at a specified price is equivalent to the region below the demand curve but above which price.