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by: Ryan McManus
Ryan McManus

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AREC 9/22 Notes On Consumer/Producer?Total Surplus
Agricultural and Resource Economics (GT-SS1)
Stephan Kroll
Class Notes
Agriculture Economics
25 ?




Popular in Agricultural and Resource Economics (GT-SS1)

Popular in Agricultural Economics And Business

This 2 page Class Notes was uploaded by Ryan McManus on Monday September 26, 2016. The Class Notes belongs to AREC 202 at Colorado State University taught by Stephan Kroll in Fall 2016. Since its upload, it has received 5 views. For similar materials see Agricultural and Resource Economics (GT-SS1) in Agricultural Economics And Business at Colorado State University.

Popular in Agricultural Economics And Business


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Date Created: 09/26/16
4.1: Willingness to pay and consumer surplus  4.2: Impact of Prices Changes on Consumer Surplus  ­ A fall in price of a good increases consumer surplus for two reasons: 4.3: Producer Surplus: ­ A potential sellers (marginal) cost is the lowest price at which he or she is willing  to sell a good (=the sellers reservation price.) ­ Individual producer surplus is the net gain to be a seller from selling a good. It is  equal to the difference  4.4: Impact of price changes on producer surplus: ­ When the price of a good rises, producer surplus increases for two reasons  4.5: Total Surplus ­ = Consumer Surplus + Producer Surplus ­ = (WTP ­ Price) + (Price ­ Cost) ­ = WTP ­ Cost ­ = Buyer’s Reservation price ­ sellers reservation price  ­ ­ This means that the total surplus generated from a trade is independent than  other 4.6: Market Equilllibrium maximizes total surplus ­ 1. Of all potential buyers , the actual buyers are the ones who value the good  most ­ 2. Of all potential sellers, the actual sellers are the ones who value the right to  sell the good the most ­ 3. Every consumer who makes a purchase values the good more than the seller  producing the good 


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