1. Please discussthe definitionsof consumer and producer surplusand how theydiffer. Please answer the question of how regardless of the impacts that Walmart in California had on small businesses in the area; how did it increase consumer surplus in the local economy?
2. Please give a thorough explanation of what welfare economics is, and how it impacts the quality of life for all in our region? Give examples of its application. The videos will really help you on this one.