Answer:
The consumer surplus is $25 and producer surplus of $5
Explanation:
Consumer surplus is the difference between the price the customer is willing to pay and the market price of a product. In the attached diagram it is represented on the demand supply graph as the portion between equillibrum price and demand curve.
Consumer surplus= 175- 150= $25
The producer surplus is difference between market price of a product and the amount a seller is willing to sell. On the demand and supply graph it is the area between equillibrum and supply as seen in the diagram.
Producer surplus= 150- 145= $5
