Question

Hicks consumer surplus explain briefly

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Answer 1

Owing to various difficulties in measuring consumer's surplus as explained by Marshall, J.R. Hicks has formulated the concept of consumer's surplus in a different way. ... Thus, when a thing (say, sugar or edible oil) becomes cheaper as a result of a fall in its price, a consumer gets the same amount at a lower price.

Answer 2

Answer:

Owing to various difficulties in measuring consumer's surplus as explained by Marshall, J.R. Hicks has formulated the concept of consumer's surplus in a different way. ... Thus, when a thing (say, sugar or edible oil) becomes cheaper as a result of a fall in its price, a consumer gets the same amount at a lower price.

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