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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.
The marginal rate of substitution (MRS) quantifies the quantity of one good a consumer will sacrifice to get more of the other good. – It is calculated by the slope of the indif
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The data used for this project are contained in the EViews-files. Before you start working, copy the files on a local drive and use the copied files only. You are expected to so
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