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Evaluating the Gains and Losses from the Policies of Government: Consumer and Producer Surplus
* Review
- Consumer surplus is total benefit or value which consumers receive beyond what they pay for good.
- Producer surplus is total benefit or revenue which producers receive beyond what it cost to produce a good.
* To determine welfare effect of a governmental policy we can measure gain or loss in consumer and producer surplus.
* Welfare Effects
- Gains and losses because of government intervention in the market.
The elasticity coefficient is a number measured using price and quantity data to verify how responsive consumers are to changes in the price of a commodity. The elasticity coeffic
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If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?
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