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Economics Lecture Twelve (view source)

Revision as of 16:27, December 2, 2009

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→‎Economic graphs on the CLEP exam: see graph
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*consumer surplus (the benefit to the consumer where the demand curve is higher than price paid, because the buyers pay less than they were willing to pay, as when you would have paid $15 to see a movie but the charge was only $10: your consumer surplus is $5)
 
*consumer surplus (the benefit to the consumer where the demand curve is higher than price paid, because the buyers pay less than they were willing to pay, as when you would have paid $15 to see a movie but the charge was only $10: your consumer surplus is $5)
 
*deadweight loss: the lost consumer surplus explained above AND (in the case of a tax) the lost producer surplus (benefit to the seller who was willing to produce at a price less than what he sold it for)
 
*deadweight loss: the lost consumer surplus explained above AND (in the case of a tax) the lost producer surplus (benefit to the seller who was willing to produce at a price less than what he sold it for)
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See the graph near the end of Lecture 7 for an explanation of both the consumer and producer surplus, which are also useful in determining the graphical region for the deadweight loss.
    
== Government Policy ==
 
== Government Policy ==
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