Consumer surplus

From CNM Wiki
Revision as of 00:14, 1 June 2020 by Kevmwangi (talk | contribs) (Created page with "Consumer surplus is the benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they...")
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

Consumer surplus is the benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Consumer surplus. The benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid.