Homework Answers
Ans.The consumer surolus is the area below the demand curve and above the market price. It represents the difference between the consumer's willing ness to pay and the market price of that good.
So, when price is $4, the consumer surplus is the area of the white traiangle only.
And when price decreased to $3, consumer surplus = area of white triangle + A + B.
Thus, new consumer surplus adds the new areas A + B.
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