Microeconomics

producer and consumer surplus

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individual consumer surplus

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the difference between the price a buyer would have been ready to pay and the price actually paid

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individual producer surplus

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the difference between the price that a seller receives and the price at which they would have been willing to supply

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Microeconomics

12th

4 Terms

individual consumer surplus

the difference between the price a buyer would have been ready to pay and the price actually paid

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individual producer surplus

the difference between the price that a seller receives and the price at which they would have been willing to supply

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social welfare (total surplus)

CS + PS

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what does total surplus show

the total net gains from trade to consumers and producers

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