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(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particular price.
(b) Explain why these surpluses are maximised at the equilibrium output and price only in a purely competitive market.
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Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price floor of $20 is set, what will be the size of the resulting surplus?
A chemical producer dumps toxic waste into a river. The waste decreases the population of fish, decreasing profits for the local fishing industry by $100,000 per year. The firm cou
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