Class Notes (839,094)
Canada (511,185)
Economics (1,296)
ECN 110 (26)

chapter 7

3 Pages

Course Code
ECN 110
Tsogbadral Galaabaatar

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ECONOMIC WELFARE AND INCOME DISTRIBUTION1 ECONOMIC WELFARE1 Consumer Surplus The net benefit expressed in dollar terms from buying a product at its market price2 Marginal and Total Benefit 1 MB is the extra satisfaction expressed in dollar terms from consuming a certain unit of a product2 TB is the total satisfaction expressed in dollar terms from consuming a product in a given time period3 Producer Surplus The difference between the price received from selling eachunit of a product and the marginal cost of producing it 4 When a Market Becomes Uncompetitive This results in what is known asDeadweight Loss defined as the net loss in economic welfare that results from agovernment policy restricting entry into the market and thus allowing existing
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