Given the Demand Curve in Figure 5-24, Explain How Consumer's

question 211

Essay

Given the demand curve in Figure 5-24, explain how consumer's surplus is calculated.

---

Definitions:

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Continuous-process Production

A manufacturing method where materials are continuously fed into the process, resulting in a constant output of finished products.

Automated System

A system that operates or controls a process through the use of advanced technologies, reducing or eliminating the need for human intervention.

Productivity Obstacles

Factors or conditions that hinder or reduce the efficiency and effectiveness of production or work processes.