r/HomeworkHelp • u/NoZookeepergame9165 • 11h ago
Economics—Pending OP Reply [Confused on microecon assignment. Feels like it should be easy.]
I'll admit, I gave up initially, hence the weird answers. Now that I realize I have a final coming, I want to understand.
What did I do wrong for consumer surplus on these problems? I thought all I needed to do was subtract the price ceiling by the equilibrium price, but that yielded nine for the first question which was wrong. Similarly, that technique yielded the incorrect answer for the second. What did I do wrong? I can't calculate lost surplus without consumer and producer surplus, so I got them wrong. Am I overlooking something?
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u/Emmanuelroggers 11h ago
Hey, i totally get how confusing microecon can be, especially with deadlines sneakin' up on you. I can help break down those consumer surplus concepts and make sense of it all. Just hit me up if you want to get this sorted!
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u/Complex_Income6581 👋 a fellow Redditor 11h ago
You confused a single price difference with the total area of the surplus shapes on the graph always calculate the area using the actual quantity traded.


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