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1.Explain how buyers' willingness to pay, consumer surplus and the demand curve are related. Give an example of your experience regarding willingness to pay. 2.Discuss

1.Explain how buyers' willingness to pay, consumer surplus and the demand curve are related.

Give an example of your experience regarding willingness to pay.

2.Discuss the concepts of efficiency and equality when it comes to allocating resources.

3.What happens to consumer and producer surplus when a good is taxed? What are the advantages and disadvantages of taxation?

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