Question: What is consumer surplus, how do we measure it?How is the area of consumer surplus represented on the graph? What is producer surplus, how do

What is consumer surplus, how do we measure it?How is the area of consumer surplus represented on the graph?

What is producer surplus, how do we measure it?How is the area of producer surplus represented on the graph?What is Total Surplus?What do economists hope to measure with Total Surplus? What do economists claim about Total Surplus?What are some assumptions that have to be met to ensure that markets function properly? (Hint- there are two main assumptions) What is another important assumption that ensures that Total Surplus is maximized?

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