How Is Consumer Surplus Derived from a Demand Curve

question 3

Essay

How is consumer surplus derived from a demand curve?

---

Definitions:

Express Warranty

An oral or written statement, promise, or other representation about the quality of a product.

Smart Phone

A mobile phone offering advanced features beyond making calls and sending text messages, including internet access and various apps.

Breaches Contract

Occurs when one party fails to fulfill its obligations under the contract, violating the agreement.

Resale Value

The estimated amount for which an item or asset can be sold again in the future, often considered in the context of automobiles, electronics, and real estate.