I know many of you are out for the break already; but I will ask anyway. How many went with consumer surplus? How many went with producer surplus? How many went with a socially optimal outcome?
Happy Thanksgiving and Thanks for Reading MV=PQ.
Wednesday, November 24, 2010
Consumer, Producer and Total Surplus
Here's a little lesson in welfare economics that I'm sure most of us can identify with.
I know many of you are out for the break already; but I will ask anyway. How many went with consumer surplus? How many went with producer surplus? How many went with a socially optimal outcome?
Happy Thanksgiving and Thanks for Reading MV=PQ.
I know many of you are out for the break already; but I will ask anyway. How many went with consumer surplus? How many went with producer surplus? How many went with a socially optimal outcome?
Happy Thanksgiving and Thanks for Reading MV=PQ.
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