Notes from 09-24-15
Notes from 09-24-15 ECON 1010
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This 1 page Class Notes was uploaded by Natalie Notetaker on Monday September 28, 2015. The Class Notes belongs to ECON 1010 at Tulane University taught by Toni Weiss in Summer 2015. Since its upload, it has received 26 views. For similar materials see Intro to Microeconomics in Economcs at Tulane University.
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Date Created: 09/28/15
Consumer surplus the difference between what you would have been willing to pay for a good or service and what you got to pay quotThe area under the demand curve amp above the equilibrium pricequot Producer surplus pro t the difference between what a business would have been willing to sell a good for and what is gets to sell it for quotthe area under the price line amp above the marginal cost curvequot consumer surplus producer surplus total economic surplus Dead weight loss 0 Loss of economic surplus 0 Result of a lack of competition price restrictions taxes externalities and government regulations Price restrictions 0 Price ceilings 0 Legally mandated maximum price at which a good can be traded Price oors 0 Legally mandated minimum price at which a good can be traded Floor is above ceiling oor has to be above equilibrium
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