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Evaluating the Gains and Losses from the Policies of Government: Consumer and Producer Surplus
* Review
- Consumer surplus is total benefit or value which consumers receive beyond what they pay for good.
- Producer surplus is total benefit or revenue which producers receive beyond what it cost to produce a good.
* To determine welfare effect of a governmental policy we can measure gain or loss in consumer and producer surplus.
* Welfare Effects
- Gains and losses because of government intervention in the market.
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
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