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Micro Ch07 Presentation

Micro Ch07 Presentation

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Published by Lucky Singh

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Published by: Lucky Singh on May 28, 2007
Copyright:Attribution Non-commercial

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01/01/2013

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© 2007 Thomson South-Western, all rights reserved 
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Slidesby Ron Cronovich
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MICROECONOMICS
Consumers, Producers, and theConsumers, Producers, and theEfficiency of MarketsEfficiency of Markets
 
CHAPTER 7
CONSUMERS, PRODUCERS, EFFICIENCY OF MARKETS2
In this chapter, look for the answers tothese questions:
What is consumer surplus? How is it related tothe demand curve?
What is producer surplus? How is it related to thesupply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome beimproved upon?
 
CHAPTER 7
CONSUMERS, PRODUCERS, EFFICIENCY OF MARKETS3
Welfare economics
Recall, the
allocation of resources
refers to:
how much of each good is produced
which producers produce it
which consumers consume it
Welfare economics
:the study of how the allocation of resourcesaffects economic well-being
First, we look at the well-being of consumers.

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