Answer to Question #247947 in Economics of Enterprise for tatum

Question

The graph shows the demand curve for haircuts and the market price of a haircut.

If the price of a haircut falls from ​$20 to ​$10​, what is the change in consumer​ surplus?

Answer 1

If the price of a haircut falls from ​$20 to ​$10​, then the consumer​ surplus will increase. But we need to know the exact quantities demanded to calculate the change in consumer surplus.