Given the Following Two Equations

question 15

Essay

Given the following two equations:
1)Total Surplus = Consumer Surplus + Producer Surplus
2)Total Surplus = Value to Buyers - Cost to Sellers
Show how equation (1)can be used to derive equation (2).

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Definitions:

Slave Population

Refers to the number of individuals living in slavery within a certain geographical area or time period.

South Carolina

A southeastern U.S. state, known for being the first to secede from the Union before the Civil War and for its rich historical and cultural heritage.

Charleston

A historic city in the state of South Carolina, known for its significant role in early American history, including the slave trade.

Lowcountry

A geographic and cultural region along the coast of South Carolina, Georgia, and northeast Florida, known for its unique history and cultural heritage.