Scenario 7-2
Suppose market demand and market supply are given by the equations: 
-Refer to Scenario 7-2. Suppose a reduction in input prices shifts the market supply curve to 
By how much does total consumer surplus increase as a result of this supply shift?
Definitions:
Independent Contractor
An individual or entity contracted to perform work for another entity as a non-employee.
Agent
An individual or entity authorized to act on behalf of another, often in a business or legal context.
Goods-In
Refers to incoming goods; a term used in inventory management to describe goods that have been received but not yet processed.
Bailment
The legal relationship arising when physical possession, but not ownership, of personal property is transferred from one person to another under agreement.
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