Real Life Application of Consumer and Producer Surplus
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Abstract
In this assignment, we addressed the usage of consumer and producer surplus in various sectors as business sector, medical sector, engineering sector, non profit sector and educational sector. Businesses employ consumer excess to draw in new clients, boost client satisfaction, expand their product offerings, and maintain their position as leaders in their sector. The idea is to determine what advantages consumers can have from purchasing a product and then reduce the price of that product to provide those advantages to them in excess.
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khatun, A., Sah, S. K., Sahani, S. K., & Mahto, S. K. (2024). Real Life Application of Consumer and Producer Surplus. Mikailalsys Journal of Advanced Engineering International, 1(3), 156-169. https://doi.org/10.58578/mjaei.v1i3.3846
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References
A. Bergson (1975). A note on consumer’s surplus. Journal of Economic Literature, 13(1), 38-44.
Chaurasiya, P., Sharma, N., Chaudhary, S., Sah, S., Sahani, S., & Sahani, K. (2024). Study and Analysis of Some Real Life Applications of Exponential Function Based on Population Growth Rate of Nepal. Asian Journal of Science, Technology, Engineering, and Art, 2(3), 352-361. https://doi.org/10.58578/ajstea.v2i3.2863
E.J. Mishan (1977). The plain truth about consumer surplus. Journal of Economics, 37(1), 1-24.
Jha, A., Sahani, S., Jha, A., & Sahani, K. (2023). Business Insights Unveiled: A Journey through Linear Programming Problems. Mikailalsys Journal of Mathematics and Statistics, 1(1), 1-14. https://doi.org/10.58578/mjms.v1i1.1948
Jha, S., Sahani, S.K., & Sahani, K. (2024). Research Paper Unveiling the Power of Exponential Functions: Applications in Our Daily Lives. ARZUSIN, 4(3), 402-409. https://doi.org/10.58578/arzusin.v4i3.2861
Johansyaha, M., Nahar, J., Djauhari, E., Napitupulu, H., & Saputra, J. (2022). Determining the price elasticity of demand with and without memory effects using fractional order derivatives: A numerical simulation approach, Decision Science Letters 11(3), 311-322.
Karn, P., Sahani, S. K., & Sahani, K. (2024). Study and Analysis of Some Practical Life Uses and Applications of Exponential Function. Mikailalsys Journal of Advanced Engineering International, 1(1), 43-56. https://doi.org/10.58578/mjaei.v1i1.2793
Karna, S. K. ., & Sahani, S. K. . (2024). An Empirical Study of Micro Finance Services and Participatory Self-development Expedition Acclerating in Developing Countries: An Approach to Rural Perspective of Nepal. EUROPEAN JOURNAL OF BUSINESS STARTUPS AND OPEN SOCIETY, 4(4), 119–134. Retrieved from https://inovatus.es/index.php/ejbsos/article/view/2938
Karna, S. K., & Sahani, S.K. (2024). An Analytical Study of Deposit Collection and Fund Mobilization in Developng Countries: A Financial Apprroach to Nepalese Commercial Banks in Nonlinear Analysis. PALAPA, 12(1), 40-61. https://doi.org/10.36088/palapa.v12i1.4649
Karna, S.K. and Sahani, S.K., (2024). A Statistical Analysis of Discrimination and Exploitation based on Ethnicity, Caste, Sex, Religion and Class in Developing Countries: A Graphical Study of Nepalese Societies, Vol.2, No.4,174-197,
Karna, S.K., Sahani, S.K. & Sharma, D.K. (2024). Analysis of Stock Market Trends for Market Capitalization and Securities Management: An approach to Nepalese Stock Market, Vol.3, Issue 3, 217-259
M. Ahmed (1966). The development of the concept of consumers’ surplus in economic theory and policy. Indian Economic Journal, 13(5), 647.
Mahato, S. K., Sahani, S., Sahani, K., Sah, B. K., &Karna, S. K. (2024). Study and Analysis of Some Real Life Applications of Exponential Function. EDUMALSYS Journal of Research in Education Management, 2(1), 13-26. https://doi.org/10.58578/edumalsys.v2i1.2845
Marsitin, R. (2019). Analysis of differential calculus in economics, Journal of Physics: Conference series 1381 (1), 012003
Ng, Y.-K. (2010). Consumer surplus. In Famous Figures and Diagrams in Economics.
Oscar, Lange. (1942). Theoretically derivation of elasticities of demand and supply : the direct method,Econometrica, Journal of the Econometrica Society, 193-214
P. Helmberger & J. Rosine (1980). Measuring producer’s surplus. Southern Economic Journal, 117, 5-1179.
Pandit, J. K., Sahani, S., & Sahani, K. (2024). Analysis of Some Practical Life Uses and Applications of Exponential Function. Journal of Multidisciplinary Science: MIKAILALSYS, 2(2), 179-192. https://doi.org/10.58578/mikailalsys.v2i2.2864
S.K. Pattanayak & R. A. Kramer (2001). Worth of watersheds: A producer surplus approach for valuing drought mitigation in Eastern Indonesia. Environment and Development Economics, 6(1), 123-146.
Sah, A. K., Sah, D. K., Sah, M. K., Sahani, S., Sahani, K., Mandal, D., & Karna, S. (2024). Study and Analysis of Some Impact on GDP of Nepal by Increase the Exports and Decreasing Import, on Economic Growth of Nepal with the Help of Exponential Function. FONDATIA, 8(2), 168-176. https://doi.org/10.36088/fondatia.v8i2.4650
Sah, A. K., Sah, D. K., Sah, M. K., Sahani, S., Sahani, K., Mandal, D., & Karna, S. (2024). Study and Analysis of Some Impact on GDP of Nepal by Increase the Exports and Decreasing Import, on Economic Growth of Nepal with the Help of Exponential Function. FONDATIA, 8(2), 168-176. https://doi.org/10.36088/fondatia.v8i2.4650
Sah, B. K. and Sahani, S. K. (2022). Modified Linear-Exponentia Distribution. Neuro Quantology, 20(5), 3520.
Sah, B. K., & Sahani, S. (2024). Poisson-New Quadratic-Exponential Distribution. Mikailalsys Journal of Mathematics and Statistics, 2(2), 27-45. https://doi.org/10.58578/mjms.v2i2.2862
Sah, B. K., & Sahani, S. K. (2022). New Quadratic-Exponential Distribution. Journal of Pharmaceutical Negative Results, 2338-2351.
Sah, B. K., & Sahani, S. K. (2022). Polynomial-exponential distribution. Mathematical Statistician and Engineering Applications, 71(4), 2474-2486.
Sah, B. K., & Sahani, S. K. (2023). Polynomial-Exponential Mixture of Poisson distribution. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 14(03), 505-516.
Sah, B. K., & Sahani, S. K. (2024). Premium Linear-Exponential Mixture of Poisson Distribution. Communications on Applied Nonlinear Analysis, 31(1), 187-199.
Sah, B. K., & Sahani, S. K. (2024). sGeneralised Poisson-Modified Mishra distribution. Power System Technology, 48(1), 157 167. https://doi.org/10.52783/pst.261
Sah, B., Mandal, N., Sahani, S.K., & Sahani, K. (2024). Applications of Exponential Function in Our Real Lives. International Journal of Humanities, Education, and Social Sciences, 2(2), 144-153. https://doi.org/10.58578/ijhess.v2i2.2872.
Sah, K. K., Sahani, S. K., Sahani, K., &Sah, B. K. (2024). A Study and Examined of Exponential Function: A Journey of Its Applications in Real Life. Mikailalsys Journal of Advanced Engineering International, 1(1), 23-32. https://doi.org/10.58578/mjaei.v1i1.2791
Sah, P., Sah, R., Sahani, S. K., & Sahani, K. (2024). Study and Analysis of Education System in Nepal and Its Challenges Along with Its Solution. Mikailalsys Journal of Advanced Engineering International, 1(1), 33-42. https://doi.org/10.58578/mjaei.v1i1.2792
Sahani, S., &Karna, S. K. (2024). Analytical Study of Cooperative Organizations Based on Domestic Area of Asian Countries: A Classical Approach of Village. International Journal of Education, Management, and Technology, 2(1), 40-62. https://doi.org/10.58578/ijemt.v2i1.2850
Sahani, S.K, Mandal, D. N., & Sahani, K. (2024). A Certain Studies on Mathematical Modeling: An Optimization Oriented the Replacement of Items whose Efficiency Deteriorates with Time. Journal of Multidisciplinary Science: MIKAILALSYS, 2(1), 1-12. https://doi.org/10.58578/mikailalsys.v2i1.2286
Sahani, S.K. (2023). Youth on Employment and Job Creation in African Countries; Opportunities, Challenges, Characteristics Determinants and Performance of Self-Employment Among Them the Youth in African Countries, Central Asian Journal of Mathematics Theory and Computer Sciences, Vol.04, No.7, 27-41.
Sahani, S.K. and Prasad, K.S. (2023). Study and Analysis of Input| Output Analysis to Non-Linear Science, ACCST Research Journal,Vol. XXL,No.1,22-30.
Sahani, S.K. et al. (2023). Economic Insights Unveiled: A Journey Through Input-Output Analysis in Non-Linear Mathematics, MIKAILALSYS Journal of Multidisciplinary Science, Vol.1, Issue 1,240-259.
Sahani, S.K. et al. (2023). The International Pricing of Risk; An Empirical Investigation of the World Capital Market Structure, American Journal of Science and Learning Development,Vol,2,No.7,49-65.
Sahani, S.K. et al. (2023). Unraveling the Interdependence of Input and Output Analysis in Business Sector; A Case Study, International Journal of Education, Management, and Technology, Vol.1,Issue 1, 27-45.
Sahani, S.K., Karna, S.K., Sharma, D.K, Sah, B.K., and Sahani, K.(2024), Information In The African Markets Bolstering Conventional Indices; A Review Of The Theory And Empirical Evidences, Educational Administration: Theory and Practice, Volume 30, Issue 5,6703-6710.
Sharma, S., Sahani, S., Chaudhary, B., Sahani, K., &Sah, N. (2023). Asan, The Traditional Market of Kathmandu Valley: Analyzing Market Trend and Consumer Buying Behavior of Such Market.EDUMALSYS Journal of Research in Education Management, 1(2), 215-226. https://doi.org/10.58578/edumalsys.v1i2.2048
Shrestha, S. K., Thakur, A., Mandal, K., Purbay, R., Sahani, S., & Sahani, K. (2024). Classical Study of Real Life Applications of Exponential Function. Al-DYAS, 3(2), 779-789. https://doi.org/10.58578/aldyas.v3i2.3048
Tarasova, Valentina V, & Tarasova, Vasily E. (2016), Elasticity for economic processes with memory: Fractional differential calculus approach, Fractional Differential Calculus 6 (2), 219-232,
Tarasova, Vasily E. (2019). On history of mathematical economics: Application of fractional calculus, Mathematics 7 (6), 509
Thakur, A., Das, R., Sah, S., Sahani, S., & Sahani, K. (2024). Classical Study of Exponential Function and Their Applications. ANWARUL, 4(3), 560-568. https://doi.org/10.58578/anwarul.v4i3.2873
Thirunavukkarasu, S. &Pradha, T Lakshmi. (2023). Differential Calculus and its Application in Economics-A Study with Reference to Consumer Demand Theory, Centre for Development Economic 10 (17), 30-37
Y. Gay, J.M. Miller, L.J. Rosenblatt & G. Hushak, (1988). The effects of supply shifts on producers’ surplus. American Journal of Agricultural Economics, 70(4), 886-891.
Chaurasiya, P., Sharma, N., Chaudhary, S., Sah, S., Sahani, S., & Sahani, K. (2024). Study and Analysis of Some Real Life Applications of Exponential Function Based on Population Growth Rate of Nepal. Asian Journal of Science, Technology, Engineering, and Art, 2(3), 352-361. https://doi.org/10.58578/ajstea.v2i3.2863
E.J. Mishan (1977). The plain truth about consumer surplus. Journal of Economics, 37(1), 1-24.
Jha, A., Sahani, S., Jha, A., & Sahani, K. (2023). Business Insights Unveiled: A Journey through Linear Programming Problems. Mikailalsys Journal of Mathematics and Statistics, 1(1), 1-14. https://doi.org/10.58578/mjms.v1i1.1948
Jha, S., Sahani, S.K., & Sahani, K. (2024). Research Paper Unveiling the Power of Exponential Functions: Applications in Our Daily Lives. ARZUSIN, 4(3), 402-409. https://doi.org/10.58578/arzusin.v4i3.2861
Johansyaha, M., Nahar, J., Djauhari, E., Napitupulu, H., & Saputra, J. (2022). Determining the price elasticity of demand with and without memory effects using fractional order derivatives: A numerical simulation approach, Decision Science Letters 11(3), 311-322.
Karn, P., Sahani, S. K., & Sahani, K. (2024). Study and Analysis of Some Practical Life Uses and Applications of Exponential Function. Mikailalsys Journal of Advanced Engineering International, 1(1), 43-56. https://doi.org/10.58578/mjaei.v1i1.2793
Karna, S. K. ., & Sahani, S. K. . (2024). An Empirical Study of Micro Finance Services and Participatory Self-development Expedition Acclerating in Developing Countries: An Approach to Rural Perspective of Nepal. EUROPEAN JOURNAL OF BUSINESS STARTUPS AND OPEN SOCIETY, 4(4), 119–134. Retrieved from https://inovatus.es/index.php/ejbsos/article/view/2938
Karna, S. K., & Sahani, S.K. (2024). An Analytical Study of Deposit Collection and Fund Mobilization in Developng Countries: A Financial Apprroach to Nepalese Commercial Banks in Nonlinear Analysis. PALAPA, 12(1), 40-61. https://doi.org/10.36088/palapa.v12i1.4649
Karna, S.K. and Sahani, S.K., (2024). A Statistical Analysis of Discrimination and Exploitation based on Ethnicity, Caste, Sex, Religion and Class in Developing Countries: A Graphical Study of Nepalese Societies, Vol.2, No.4,174-197,
Karna, S.K., Sahani, S.K. & Sharma, D.K. (2024). Analysis of Stock Market Trends for Market Capitalization and Securities Management: An approach to Nepalese Stock Market, Vol.3, Issue 3, 217-259
M. Ahmed (1966). The development of the concept of consumers’ surplus in economic theory and policy. Indian Economic Journal, 13(5), 647.
Mahato, S. K., Sahani, S., Sahani, K., Sah, B. K., &Karna, S. K. (2024). Study and Analysis of Some Real Life Applications of Exponential Function. EDUMALSYS Journal of Research in Education Management, 2(1), 13-26. https://doi.org/10.58578/edumalsys.v2i1.2845
Marsitin, R. (2019). Analysis of differential calculus in economics, Journal of Physics: Conference series 1381 (1), 012003
Ng, Y.-K. (2010). Consumer surplus. In Famous Figures and Diagrams in Economics.
Oscar, Lange. (1942). Theoretically derivation of elasticities of demand and supply : the direct method,Econometrica, Journal of the Econometrica Society, 193-214
P. Helmberger & J. Rosine (1980). Measuring producer’s surplus. Southern Economic Journal, 117, 5-1179.
Pandit, J. K., Sahani, S., & Sahani, K. (2024). Analysis of Some Practical Life Uses and Applications of Exponential Function. Journal of Multidisciplinary Science: MIKAILALSYS, 2(2), 179-192. https://doi.org/10.58578/mikailalsys.v2i2.2864
S.K. Pattanayak & R. A. Kramer (2001). Worth of watersheds: A producer surplus approach for valuing drought mitigation in Eastern Indonesia. Environment and Development Economics, 6(1), 123-146.
Sah, A. K., Sah, D. K., Sah, M. K., Sahani, S., Sahani, K., Mandal, D., & Karna, S. (2024). Study and Analysis of Some Impact on GDP of Nepal by Increase the Exports and Decreasing Import, on Economic Growth of Nepal with the Help of Exponential Function. FONDATIA, 8(2), 168-176. https://doi.org/10.36088/fondatia.v8i2.4650
Sah, A. K., Sah, D. K., Sah, M. K., Sahani, S., Sahani, K., Mandal, D., & Karna, S. (2024). Study and Analysis of Some Impact on GDP of Nepal by Increase the Exports and Decreasing Import, on Economic Growth of Nepal with the Help of Exponential Function. FONDATIA, 8(2), 168-176. https://doi.org/10.36088/fondatia.v8i2.4650
Sah, B. K. and Sahani, S. K. (2022). Modified Linear-Exponentia Distribution. Neuro Quantology, 20(5), 3520.
Sah, B. K., & Sahani, S. (2024). Poisson-New Quadratic-Exponential Distribution. Mikailalsys Journal of Mathematics and Statistics, 2(2), 27-45. https://doi.org/10.58578/mjms.v2i2.2862
Sah, B. K., & Sahani, S. K. (2022). New Quadratic-Exponential Distribution. Journal of Pharmaceutical Negative Results, 2338-2351.
Sah, B. K., & Sahani, S. K. (2022). Polynomial-exponential distribution. Mathematical Statistician and Engineering Applications, 71(4), 2474-2486.
Sah, B. K., & Sahani, S. K. (2023). Polynomial-Exponential Mixture of Poisson distribution. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 14(03), 505-516.
Sah, B. K., & Sahani, S. K. (2024). Premium Linear-Exponential Mixture of Poisson Distribution. Communications on Applied Nonlinear Analysis, 31(1), 187-199.
Sah, B. K., & Sahani, S. K. (2024). sGeneralised Poisson-Modified Mishra distribution. Power System Technology, 48(1), 157 167. https://doi.org/10.52783/pst.261
Sah, B., Mandal, N., Sahani, S.K., & Sahani, K. (2024). Applications of Exponential Function in Our Real Lives. International Journal of Humanities, Education, and Social Sciences, 2(2), 144-153. https://doi.org/10.58578/ijhess.v2i2.2872.
Sah, K. K., Sahani, S. K., Sahani, K., &Sah, B. K. (2024). A Study and Examined of Exponential Function: A Journey of Its Applications in Real Life. Mikailalsys Journal of Advanced Engineering International, 1(1), 23-32. https://doi.org/10.58578/mjaei.v1i1.2791
Sah, P., Sah, R., Sahani, S. K., & Sahani, K. (2024). Study and Analysis of Education System in Nepal and Its Challenges Along with Its Solution. Mikailalsys Journal of Advanced Engineering International, 1(1), 33-42. https://doi.org/10.58578/mjaei.v1i1.2792
Sahani, S., &Karna, S. K. (2024). Analytical Study of Cooperative Organizations Based on Domestic Area of Asian Countries: A Classical Approach of Village. International Journal of Education, Management, and Technology, 2(1), 40-62. https://doi.org/10.58578/ijemt.v2i1.2850
Sahani, S.K, Mandal, D. N., & Sahani, K. (2024). A Certain Studies on Mathematical Modeling: An Optimization Oriented the Replacement of Items whose Efficiency Deteriorates with Time. Journal of Multidisciplinary Science: MIKAILALSYS, 2(1), 1-12. https://doi.org/10.58578/mikailalsys.v2i1.2286
Sahani, S.K. (2023). Youth on Employment and Job Creation in African Countries; Opportunities, Challenges, Characteristics Determinants and Performance of Self-Employment Among Them the Youth in African Countries, Central Asian Journal of Mathematics Theory and Computer Sciences, Vol.04, No.7, 27-41.
Sahani, S.K. and Prasad, K.S. (2023). Study and Analysis of Input| Output Analysis to Non-Linear Science, ACCST Research Journal,Vol. XXL,No.1,22-30.
Sahani, S.K. et al. (2023). Economic Insights Unveiled: A Journey Through Input-Output Analysis in Non-Linear Mathematics, MIKAILALSYS Journal of Multidisciplinary Science, Vol.1, Issue 1,240-259.
Sahani, S.K. et al. (2023). The International Pricing of Risk; An Empirical Investigation of the World Capital Market Structure, American Journal of Science and Learning Development,Vol,2,No.7,49-65.
Sahani, S.K. et al. (2023). Unraveling the Interdependence of Input and Output Analysis in Business Sector; A Case Study, International Journal of Education, Management, and Technology, Vol.1,Issue 1, 27-45.
Sahani, S.K., Karna, S.K., Sharma, D.K, Sah, B.K., and Sahani, K.(2024), Information In The African Markets Bolstering Conventional Indices; A Review Of The Theory And Empirical Evidences, Educational Administration: Theory and Practice, Volume 30, Issue 5,6703-6710.
Sharma, S., Sahani, S., Chaudhary, B., Sahani, K., &Sah, N. (2023). Asan, The Traditional Market of Kathmandu Valley: Analyzing Market Trend and Consumer Buying Behavior of Such Market.EDUMALSYS Journal of Research in Education Management, 1(2), 215-226. https://doi.org/10.58578/edumalsys.v1i2.2048
Shrestha, S. K., Thakur, A., Mandal, K., Purbay, R., Sahani, S., & Sahani, K. (2024). Classical Study of Real Life Applications of Exponential Function. Al-DYAS, 3(2), 779-789. https://doi.org/10.58578/aldyas.v3i2.3048
Tarasova, Valentina V, & Tarasova, Vasily E. (2016), Elasticity for economic processes with memory: Fractional differential calculus approach, Fractional Differential Calculus 6 (2), 219-232,
Tarasova, Vasily E. (2019). On history of mathematical economics: Application of fractional calculus, Mathematics 7 (6), 509
Thakur, A., Das, R., Sah, S., Sahani, S., & Sahani, K. (2024). Classical Study of Exponential Function and Their Applications. ANWARUL, 4(3), 560-568. https://doi.org/10.58578/anwarul.v4i3.2873
Thirunavukkarasu, S. &Pradha, T Lakshmi. (2023). Differential Calculus and its Application in Economics-A Study with Reference to Consumer Demand Theory, Centre for Development Economic 10 (17), 30-37
Y. Gay, J.M. Miller, L.J. Rosenblatt & G. Hushak, (1988). The effects of supply shifts on producers’ surplus. American Journal of Agricultural Economics, 70(4), 886-891.
