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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.
Illustrate and explain the changing demand for big mac using the indifference curve and budget line.
Evaluation of the WTO: The WTO is different from and an improvement over the GATT in the following respects: • The WTO is more global in its membership. • The WTO ha
Efficiency of exchange
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
explain and illustrate the changing demand for big mac using indefference curve and budget line
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factors influencing the conditions of demand for a given product
how the equilibrium output and price is determined in williamson model of managerial discretion?
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