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Julie "the snake" Python is a known drug dealer and is always under surveillance by the police. One day she is stopped for jay walking and while speaking to the police consents for them to search her bags. This search produced 7 kilos of cocaine and 4 pounds of marijuana.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually do pay.
Price Elasticity
The determination of how price alterations influence the market demand for a commodity.
Marginal Value
The additional satisfaction or utility received by consuming one more unit of a good or service.
Consumer's Demand
The desire of purchasers, users, or consumers for specific goods or services at a given price over a specified period.
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