Consumer surplus is the difference between what a consumer is willing to pay for a good and what the consumers actually pay for the good while producer surplus measures the total benefits to producers for producing at a cost less than the market price.
Faimus answered the question on October 18, 2018 at 03:29
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Highlight the criteria used in measuring social welfare
(Solved)
Highlight the criteria used in measuring social welfare
Date posted:
October 18, 2018
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What is the meaning of welfare economics?
(Solved)
What is the meaning of welfare economics?
Date posted:
October 18, 2018
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Personal income involves three main government contributions. Highlight them.
(Solved)
Personal income involves three main government contributions. Highlight them.
Date posted:
October 18, 2018
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Answers (1)
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There are four basic ways of measuring the size of the public sector. Name them.
(Solved)
There are four basic ways of measuring the size of the public sector. Name them.
Date posted:
October 18, 2018
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Answers (1)
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What does the term size of the public sector mean?
(Solved)
What does the term size of the public sector mean?
Date posted:
October 18, 2018
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Answers (1)
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What is public sector economics?
(Solved)
What is public sector economics?
Date posted:
October 18, 2018
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Answers (1)
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Define the term public sector.
(Solved)
Define the term public sector.
Date posted:
October 18, 2018
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Answers (1)
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Explain the cyclical nature of agricultural production
(Solved)
Explain the cyclical nature of agricultural production
Date posted:
September 30, 2018
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Answers (1)
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Identify three purposes of life skills to the individual
(Solved)
Identify three purposes of life skills to the individual
Date posted:
September 26, 2018
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Answers (1)
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Give brief definitions of the following terms: (i) Life skills (ii) Resilience (iii) Disaster management (iv) Contemporary issues(v) Radicalization
(Solved)
Give brief definitions of the following terms:
(i) Life skills
(ii) Resilience
(iii) Disaster management
(iv) Contemporary issues
(v) Radicalization
Date posted:
September 26, 2018
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Answers (1)
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During price discrimination monopolist gain as consumers losses. Elaborate
(Solved)
During price discrimination monopolist gain as consumers losses. Elaborate
Date posted:
September 8, 2018
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Answers (1)
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What are the causes of shift in IS and LM curves?
(Solved)
What are the causes of shift in IS and LM curves?
Date posted:
September 6, 2018
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Outline the Rationale of Economics of Education
(Solved)
Outline the Rationale of Economics of Education
Date posted:
August 27, 2018
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Answers (1)
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Process of credit creation and its limitations
(Solved)
Process of credit creation and its limitations
Date posted:
August 13, 2018
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Answers (1)
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Explain the international economic problems related to international trade operations
(Solved)
Explain the international economic problems related to international trade operations.
Date posted:
August 10, 2018
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Answers (1)
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Describe six importance of foreign trade in economic development of a nation
(Solved)
Describe six importance of foreign trade in economic development of a nation.
Date posted:
August 10, 2018
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Answers (1)
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Explain five measures that can be taken to curb food insecurity in Kenya
(Solved)
Explain five measures that can be taken to curb food insecurity in Kenya.
Date posted:
August 9, 2018
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Answers (1)
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Discuss six socio-economic factors affecting food security in Kenya
(Solved)
Discuss six socio-economic factors affecting food security in Kenya.
Date posted:
August 9, 2018
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Answers (1)
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Differentiate between voluntary and involuntary unemployment
(Solved)
Differentiate between voluntary and involuntary unemployment.
Date posted:
August 8, 2018
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Answers (1)
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What are the key areas of due diligence in planning as a phase of project cycle?
(Solved)
What are the key areas of due diligence in planning as a phase of project cycle?
Date posted:
August 7, 2018
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Answers (1)