ECON 103 Lecture Notes - Lecture 7: Economic Surplus, Perfect Competition, Market Failure
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Important announcements: the next saplingplus assignments are due on thursday (september 27, 2018), using safari for saplingplus assignments can be problematic. If you are facing problems on safari please use firefox or chrome. If you have a conflict for the midterm schedule get a conflict form from the registrar"s office in whitmore and turn it in to the head ta deb das or professor. The three tests of allocating resources and outputs ( ttaro : the right consumers. Is whatever that is produced going to the consumers that value it the most or can the consumer surplus be increased: the right producers. Is whatever that is being produced made at the lowest possible cost or can the producer surplus be increased: the right amount. Note: the three tests are used to judge whatever allocation of resources and outputs exist, regardless of how that allocation came about.
