Question

Explain the theory of "consumer's surplus"?​

Answer 1

Explanation:

Theory of Consumer's Surplus. The concept of consumer's surplus is one of the most important idea in economic theory especially in demand and welfare economics. ... It is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equal price.

Answer 2

Theory of Consumer's Surplus. The concept of consumer's surplus is one of the most important idea in economic theory especially in demand and welfare economics. ... It is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equal price.