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Alferd Marshall....
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What is the explanation for the concept of marginalism in economics?
consumers surplus define
What happened with the consumer surplus when the price rose?
Consumer surplus = Total amt consumers are willing to pay - Total amt consumers actually paid. Hence, if there is an increase in price of a good, consumer surplus decreases.
Critically examine the concept of consumer's surplus?
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price for the product). The level of consumer surplus is shown by the area under the demand curve and above the ruling market price as illustrated in the diagram below:
Does marginal surplus exist when consumers buy more products than socially optimal?
No
How consumers surplus is converted into producer surplus and vice versa in different market structure?
Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases. Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases.
What is the explanation for the concept of marginalism in economics?
consumers surplus define
What happened with the consumer surplus when the price rose?
Consumer surplus = Total amt consumers are willing to pay - Total amt consumers actually paid. Hence, if there is an increase in price of a good, consumer surplus decreases.
Who first introduced the concept of inertia?
Galileo was the original who introduced of the concept of inertia.
CONCEPT OF CASHLESS POLICY INTRODUCED BY THE CBN IN NIGERIA?
Yes, the concept of cashless policy was introduced in NIGERIA.
Critically examine the concept of consumer's surplus?
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e. the market price for the product). The level of consumer surplus is shown by the area under the demand curve and above the ruling market price as illustrated in the diagram below:
Who introduced the concept of 'electric fields'?
Michael Faraday first introduced the concept of electric fields/
What country introduced the concept of ecotourism?
Costa Rica introduced the concept of ecotourism.
Who introduced the concept of the Festivus pole?
The concept of the Festivus pole was introduced by the writter Dan O'Keefe. He claimed his family used the concept as early as 1966 but it was introduced to the world through the show Seinfeld in 1997.
Does marginal surplus exist when consumers buy more products than socially optimal?
No
Who introduced the concept of Vietnamization?
nixon
Who introduced the concept of verstehen?
Weber
1 What can be said about the market price when a good is in surplus?
In a surplus, the market price will be lower. Since there are many options for consumers, they will want to pay the lowest price.
