Illustrate aspect depends on producers and consumers surplus, Macroeconomics

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.

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