Final answer:
Consumer surplus can be calculated by subtracting the equilibrium price from the maximum price consumers are willing to pay and then multiplying that by the quantity demanded.
Step-by-step explanation:
The dollar value of consumer surplus at a given output level can be calculated using the difference between what consumers are willing to pay for a product and what they actually pay. In this case, consumer surplus is represented by the area labeled F on the demand curve. Consumer surplus is calculated by subtracting the equilibrium price from the maximum price consumers are willing to pay and then multiplying that by the quantity demanded. The formula for calculating consumer surplus is (Maximum Price - Equilibrium Price) * Quantity Demanded.