Class 1b

Welfare Economics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market equilibrium ,[object Object],[object Object]

Consumer and Producer Surplus ,[object Object],[object Object],[object Object]

Consumer surplus ,[object Object],[object Object],[object Object]

Consumer surplus ,[object Object],[object Object]

Measuring consumer surplus with the demand curve

Consumer surplus and price ,[object Object],[object Object],[object Object]

How the price affects consumer surplus

Producer surplus ,[object Object],[object Object]

Measuring producer surplus with the supply curve

Producer surplus and price ,[object Object],[object Object],[object Object]

How price affects producer surplus

Market efficiency ,[object Object],[object Object]

Economic well-being and total surplus

Consumer and producer surplus in the market equilibrium

Market efficiency: four observations ,[object Object],[object Object],[object Object],[object Object],[object Object]

Market efficiency: the invisible hand ,[object Object],[object Object],[object Object],[object Object]

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