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Question
The economist who uses indifference curve analysis for the measurement of consumers surplus is _______.
The economist who uses indifference curve analysis for the measurement of consumers surplus is _______.
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Solution
The correct option is C Hicks
Consumer surplus is the difference between the amount a consumer is willing to pay and the amount the consumer is actually paying. Hicks was the first economist to calculate the consumer surplus using the indifference curves of the consumer.
Consumer surplus is the difference between the amount a consumer is willing to pay and the amount the consumer is actually paying. Hicks was the first economist to calculate the consumer surplus using the indifference curves of the consumer.
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