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John is looking for an Economic book, because he is not very happy with his accumulated grade in this course. As he has a limited budget, he is willing to pay no more than $ 50.a. He goes to the local Library and looked at the place where some books were sold. He found an economic book for “dummies” at $ 20. Which would be his consumer surplus in the case he buys it?b. As he considered the book at the Library too basic, he explored used books at Internet and found a popular online bookstore that was selling a good textbook at $ 80. What do you think he did? NOTE. Before answering watch videos. VIDEOSConsumer SurplusKahn. Consumer Surplus Introduction. http://youtu.be/_6kwhF6hoqQTotal Consumer Surplus as area: http://youtu.be/RBUBIRtn0xQProducer SurplusKahn Producer Surplus. http://youtu.be/-V-Y5klejSgDeadweight LossHow to calculate deadweight loss. https://youtu.be/kF1c8ujpTYY Kahn. Rent Control & Deadweight Loss. http://youtu.be/ZrNKHCCVfB8Kahn. Taxation & Deadweight Loss. http://youtu.be/NuLlNAdrom4
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