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The diagram that follows shows the market for agricultural products. The shift from the old supply curve to the new supply curve is the result
The diagram that follows shows the market for agricultural products. The shift from the old supply curve to the new supply curve is the result of technological and scientific advances in farming. Calculate the change in consumer surplus and the change in producer surplus caused by these technological advances.
I don't know how to calculate the consumer surplus.
For, producer surplus,
(11 - 5.5) * 3 / 2 = 8.25
(8 - 2) * 3.3 / 2 = 9.90
9.90 - 8.25 = 1.65
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