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. 
Frazz
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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