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A) Define “consumer surplus” and what numbered area(s) make up the consumer surplus above? (2marks)


B) Define “producer surplus” and what numbered area(s) make up the producer surplus above? (2marks)


C) What is “economic surplus” and what numbered area(s) make up the economic surplus above? (2marks)


D) Now suppose there is a quota in the market at Q2. What is the economic loss called? What numbered area(s) make up this loss? (2 marks)

A Define consumer surplus and what numbered areas make up the consumer surplus above 2marks B Define producer surplus and what numbered areas make up the produc class=

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