What to Keep. After all creditors, taxing authorities and beneficiaries of the estate have been paid, the estate may be closed. How long the process of closing an estate will take varies from case to case. Generally, anyone making a claim against the estate must do so within a specified time frame.
Consumer surplus (Graph illustrating consumer (red) and producer (blue) surpluses on a supply and demand chart) Consumer surplus or Consumer's surplus (or in the plural Consumers' surplus) is the difference between the price consumers are willing to pay (or reservation price) and the actual price. If someone is willing to pay more than the actual price, their benefit in a transaction is how much they saved when they didn't pay that price.
Recall that the consumer surplus is calculating the area between the demand curve and the price line for the quantity of goods sold. Assuming that there is no shift in demand, an increase in price will therefore lead to a reduction in consumer surplus, while a decrease in price will lead to an increase in consumer surplus. Consumer Surplus: An increase in the price will reduce consumer surplus, while a decrease in the price will increase consumer surplus. Below are two scenarios that illustrate how changes in price can affect consumersâ surplus.