Using the triangle drawing tool twice, draw the consumer and producer surplus after the reduction in...

Question

Question

Using the triangle drawing tool twice, draw the consumer and producer surplus after the reduction in supply then label each triangle.

Answer 1

Answer #1

S CS PS Quantity

Market for Commercial Fish S CS PS Quantity

The Consumer surplus is the area above the intersection of supply and demand function

The Producer surplus is the area below the intersection of supply and demand function

Answer 2

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