1) With the help of the diagram state and explain what you understand by a consumer and a producer surplus.?
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WHAT ARE THESE SURPLUSES USED FOR. that the question i want to know.
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Answer:
surplus is simply the amount of extra 'benefit' you get from selling/buying a product, it comes from paying less than you would have/selling for more than you would have
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Other answers
surpluses are used to evaluate effect of different industry structures and government policies on consumers, producers and economy in general.
Bored Goblin
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