1. Define both "consumer surplus" and "producer surplus".

2. Determine the amount of consumer surplus generated in the following situation:Robert goes to a Subway store to buy a "footlong tuna sandwich" for which he is willing to pay the usual $8. When he is paying for it, he learns that the "footlong tuna sandwich" is discounted by 25%.

3. Determine the amount of producer surplus generated in the following situation: Cynthialists her acoustic guitar on eBay. She sets a minimum acceptable price, known as her reserve price, of $250. After 7 days of bidding, the final high bid is exactly $250. She accepts the bid.

Name at least three factors that can shift the demand curve to the right or left. Provide examples. Your answer should be at least six sentences long.