Suppose we have a product with the following conditions: The consumer's maximum willingness to pay is 8 A firm's minimum willingness to accept is 1 The market price is 7 a. What is the consumer...

Suppose we have a product with the following conditions:

The consumer's maximum willingness to pay is 8

A firm's minimum willingness to accept is 1

The market price is 7

a. What is the consumer surplus?

CS =

b. What is the producer surplus?

PS =

c. What is the total surplus

TS =