Each former president receives the same salary as a current member of the Presidential Cabinet. For 2013, the amount was $199,700 per year. This number does not take into account the extras the former leader is entitled to including a $96,000 stipend for office staff payroll and free postage for life.ach former president receives the same salary as a current member of the Presidential Cabinet. For 2013, the amount was $199,700 per year. This number does not take into account the extras the former leader is entitled to including a $96,000 stipend for office staff payroll and free postage for life.
An economic surplus is also known as total welfare. An economic surplus is related to money, and it reflects a gain in the expected income from a product. There are two types of economic surplus: consumer surplus and producer surplus. Consumer surplus occurs when the price for a product or service is lower than the highest price the consumer would pay. For example, think of it like an auction: a buyer walks into an auction with a set price limit he or she will not exceed.
Producer surplus is the difference between mark price and the price at which firms are willing to supply the product. It is equal to the area below market price and above the supply curve. 2. Explain why deadweight loss can occur with a price below equilibrium even when some consumers benefit from it. Whenever, price falls from equilibrium both the consumer and producer surplus falls causing a shortage to occur. Transactions between buyers and seller are not happening. Market is also prevented from meeting equilibrium on its own. 3.