producer and consumer surplus

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Microeconomics

12th

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4 Terms

1
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individual consumer surplus
the difference between the price a buyer would have been ready to pay and the price actually paid
2
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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
3
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social welfare (total surplus)
CS + PS
4
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what does total surplus show
the total net gains from trade to consumers and producers