Slide 1 Consumer and Producer Surplus AP Economics Mr. Bordelon Slide 2 Consumer and Producer Surplus Slide 3 Focus Understand how buyers and sellers benefit from a competitive…
Name: __________________________ Date: _____________ 1. Total surplus is: A) the sum of consumer and producer surplus. B) measured as the area between the supply and demand…
Slide 1 Chapter 7 Efficiency and Exchange Slide 2 Efficiency Pareto Efficiency –No change is possible that will help some people without harming others –It is not possible…
Problems and Review Chapter 7 How much are you willing to pay for these things and why? Can of Coke Pair of Louis Vuitton heels Tickets to the Super bowl A new shirt to wear…
Name: __________________________ Date: _____________ 1. Total surplus is: A) the sum of consumer and producer surplus. B) measured as the area between the supply and demand…
Introduction to Economics Egor Sidorov Consumer and utility Cardinal utility theory Ordinal utility theory * * Rational consumer model Economics doesn’t analyze individual…
1.3 SUPPLY AND DEMAND II: MARKETS AND WELFARE 2. 77Consumers, Producers, and the Efficiency of Markets 3. REVISITING THE MARKET EQUILIBRIUM • Do the equilibrium price and…