Education Prinecomi lectureppt ch06

1. The Efficiency of Markets and the Costs of Taxation6 2. Previously • A price ceiling is a legal maximum price. • A price floor is a legal minimum price. • If binding,…

Documents LECTURE #6: MICROECONOMICS CHAPTER 7 Consumer & Producer Surplus Market Efficiency Market Failure.

Slide 1 LECTURE #6: MICROECONOMICS CHAPTER 7 Consumer & Producer Surplus Market Efficiency Market Failure Slide 2 Consumer Surplus Welfare Economics How the allocation…