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Explain and represent graphically the change in consumer surplus following a shift of the supply curve to the left. Hint
Posted: Wed Jul 06, 2022 5:59 am
by answerhappygod
- Explain And Represent Graphically The Change In Consumer Surplus Following A Shift Of The Supply Curve To The Left Hint 1 (25.13 KiB) Viewed 11 times
Explain and represent graphically the change in consumer surplus following a shift of the supply curve to the left. Hint: You may want to follow the steps below: 1- You need to draw a graph with a demand and supply curves. Show the consumer surplus area. 2- Draw on the same graph a shift of the supply curve to the left. Show the new consumer surplus. 3- Highlight the loss/gain in consumer surplus following the shift of the supply curve.