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How much more are U.S. Consumer surplus for the 11 million tons of sugar they consume each year as a result of the quotas on sugar imports? =$10.91 billion
Consumer Surplus ΔP = Pmax – Pd, or the price at equilibrium where supply and demand are equal. Pmax = the price a consumer is willing to pay.
=11 million-21.91billion=$10.91 billion
Consumer surplus is a financial estimate of the benefits that consumers receive from market competition. Consumer surplus occurs when consumers pay less for a commodity or service than they would be willing to. It gauges the additional gain that consumers experience as a result of paying less than they otherwise would have been willing to. Consumer surplus and producer excess can be compared. The concept of consumer surplus was developed in 1844 to measure the social benefits of public goods like national highways, canals, and bridges. It has been a vital tool for the study of welfare economics and the formulation of governmental tax policies.
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