April 4 discussion.docx

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Department
Agricultural and Resource Economics
Course
AREC 200
Professor
Lynch
Semester
Spring

Description
April 4 discussion Willingness to Pay (buyer) ­ how much ppl are willing to pay for a product. Willingness to Accept (seller) – how much a seller will accept as payment Economic tradeoffs of money gain vs. environment Welfare – how well are we doing? Looking at the welfare of consumers and producers.  The Supply Graph – its just a straight diagonal line up. The first crab is very cheap to make or find, but then as you do more, they get more  expensive to produce and find Marginal cost, how much does it cost to get to the next quantity.  Regulators cut fishing days – supply curve shifts IN. Supply gets smaller, so its more  expensive to make the product. Producer surplus = profit.  Profit = Revenue – costs Now setting exactly the middle of the graph
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