What is consumer’s surplus and how it is measured? Explain with illustration

Consumer surplus, also known as buyer’s surplus, is the economic measure of a customer’s excess benefit. It is calculated by analyzing the difference between the consumer’s willingness to pay for a product and the actual price they pay, also known as the equilibrium price. A surplus occurs when the consumer’s willingness to pay for a product is greater than its market price.

The concept of ‘consumer’s surplus’ was coined in the literature by A. Marshall. However, the idea of this surplus was explored by a French economist, Dupit, in his study of the benefits arising from the construction of public utilities, like roads ________ ____ ________ ___ ______ _______ ____ ___ ______ ___ ______.
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