Give an example of some consumer surplus you have received this month. Then illustrate that consumer surplus in a diagram.
The one example of getting the consumer surplus is that when I purchased new Samsun Galaxy Mobile phone. It had the market price of $650 in festive season discount, though I was willing to pay $750 for this mobile phone. So, with the purchase of this mobile handset, I earned some consumer surplus.
Amount of consumer surplus received = Maximum price willing to be paid - market equilibrium price
Amount of consumer surplus received = 750-650
Amount of consumer surplus received = $100
It is shown in the following diagram.
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