Practical Utility of Consumer’s Surplus

Practical Utility of Consumer’s Surplus Although incapable of precise measurement, the concept of consumer’s surplus has a great practical utility and theoretical importance. Conjectural importunate enables us to Coimbatore the advantages of environment...

Criticism of Consumer’s Surplus

Criticism of Consumer’s Surplus The concept of consumer’s surplus has been subjected to scathing criticism by economists like ~an~an, Nicholson, Robinson and Davenport. Its Scientific character has been attacked on the ground that it is based on...

A complete list of demand prices is not available

A complete list of demand prices is not available We are aware of a part only of the demand schedule. As we do not know what prices we arc prepared to pay fur everyone of the units, the whole of the consumer’s surplus cannot be ascertained. In actual life,...

Hicksiun Refinement

Hicks Refinement II.s already mentioned. Hicks has defined consumer’s surplus as the difference between marginal valuation of a unit and the price which is actually paid for it. The difficulty in the concept of consumer’s surplus centers round the...