1. 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE 2. 7 Consumers, Producers, and the Efficiency of Markets 3. REVISITING THE MARKET EQUILIBRIUM Do the equilibrium price and…
Slide 1Applications of supply and demand Comparative statics and government policy Slide 2 Comparative statics The simple supply and demand model we have developed can be…
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…