Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $ 6.25. Michelle was willing to pay up to $ 8.25 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $ 1.75 for the cappuccino. Based on this information, answer the questions ...
a) Michelle/'s consumer surplus is equal to?
b) Paul/'s Bakery/'s producer surplus is equal to?
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