CAS EC 101 Lecture : EC101 Oct 30

• School: Boston University
• Department: Economics
• Course: CAS EC 101
• Professor: Neil Watson

Document Summary

October 30, 2013: welfare economics, introduction overview, consumer surplus, producer surplus, social surplus, market efficiency. 9: total consumer surplus= ,500, what does consumer surplus measure, consumer surplus, the amount that buyers are willing to pay for a good minus the amount they actually paid for it, measures the amount of use buyers get from the good, on a graph, consumer surplus is the area under the demand curve, above the price line that shows what consumers pay, up to the quantity that consumers actually buy, price and consumer surplus: consumer surplus when price goes down from.