Economics 0011A/B Lecture Notes - Lecture 8: Economic Equilibrium, Economic Surplus
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Published on 2 Aug 2020
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❊❈❖✶✵✶❍✶✿ Pr✐♥❝✐♣❧❡s ♦❢ ▼✐❝r♦❡❝♦♥♦♠✐❝s Pr♦❢✳ ❋r❡✐t❛s✱ ❯♥✐✈❡rs✐t② ♦❢ ❚♦r♦♥t♦
❚♦♣✐❝✿ ❙✉r♣❧✉s ❛♥❞ ❊✣❝✐❡♥❝②
▼✉❧t✐♣❧❡ ❈❤♦✐❝❡ Pr❛❝t✐❝❡ ◗✉❡st✐♦♥s ❛♥❞ ❙♦❧✉t✐♦♥s
❯s❡ t❤❡ ❢♦❧❧♦✇✐♥❣ t♦ ❛♥s✇❡r q✉❡st✐♦♥s ✶✲✸✿
✶✳ ❚❤❡ t❛❜❧❡ ❲✐❧❧✐♥❣♥❡ss t♦ P❛② ❢♦r ❇❛s❦❡t❜❛❧❧ ❙♥❡❛❦❡rs s❤♦✇s ❡❛❝❤ ❝♦♥s✉♠❡r✬s ✇✐❧❧✐♥❣♥❡ss t♦ ♣❛② ❢♦r ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs✳
❆ss✉♠❡ t❤❛t ❡❛❝❤ ❝♦♥s✉♠❡r ✇❛♥ts t♦ ❜✉② ❛t ♠♦st ♦♥❡ ♣❛✐r ♦❢ s♥❡❛❦❡rs✳ ■❢ t❤❡ ♣r✐❝❡ ♦❢ ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs ✐s ✩✶✹✺✱
✇❤✐❝❤ ❝♦♥s✉♠❡r ✇✐❧❧ ♣✉r❝❤❛s❡ s♥❡❛❦❡rs❄
❆✮ ❏❛♠✐❝❤❛❡❧
❇✮ ❈♦r❡②
❈✮ ❘✉❞②
❉✮ ❘❛②
✷✳ ❚❤❡ t❛❜❧❡ ❲✐❧❧✐♥❣♥❡ss t♦ P❛② ❢♦r ❇❛s❦❡t❜❛❧❧ ❙♥❡❛❦❡rs s❤♦✇s ❡❛❝❤ ♣❧❛②❡r✬s ✇✐❧❧✐♥❣♥❡ss t♦ ♣❛② ❢♦r ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs✳
❆ss✉♠❡ t❤❛t ❡❛❝❤ ♣❧❛②❡r ✇❛♥ts t♦ ❜✉② ❛t ♠♦st ♦♥❡ ♣❛✐r ♦❢ s♥❡❛❦❡rs✳ ■❢ t❤❡ ♣r✐❝❡ ♦❢ ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs ✐s ✩✶✽✵✱ ❤♦✇
♠❛♥② ♣❛✐rs ✇✐❧❧ ❜❡ ♣✉r❝❤❛s❡❞❄
❆✮ ♥♦♥❡
❇✮ ♦♥❡
❈✮ t✇♦
❉✮ t❤r❡❡
✸✳ ❚❤❡ t❛❜❧❡ ❲✐❧❧✐♥❣♥❡ss t♦ P❛② ❢♦r ❇❛s❦❡t❜❛❧❧ ❙♥❡❛❦❡rs s❤♦✇s ❡❛❝❤ ♣❧❛②❡r✬s ✇✐❧❧✐♥❣♥❡ss t♦ ♣❛② ❢♦r ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs✳
❆ss✉♠❡ t❤❛t ❡❛❝❤ ♣❧❛②❡r ✇❛♥ts t♦ ❜✉② ❛t ♠♦st ♦♥❡ ♣❛✐r ♦❢ s♥❡❛❦❡rs✳ ■❢ t❤❡ ♣r✐❝❡ ♦❢ ❜❛s❦❡t❜❛❧❧ s♥❡❛❦❡rs ✐s ✩✻✵✱ ❤♦✇
♠❛♥② ♣❛✐rs ✇✐❧❧ ❜❡ ♣✉r❝❤❛s❡❞❄
❆✮ ✜✈❡
❇✮ ❢♦✉r
❈✮ t❤r❡❡
❉✮ t✇♦
❯s❡ t❤❡ ❢♦❧❧♦✇✐♥❣ t♦ ❛♥s✇❡r q✉❡st✐♦♥s ✹✲✺✿
❋✷✵✶✾ ✶ ▼❈ ❙✉r♣❧✉s ❛♥❞ ❊✣❝✐❡♥❝②
❊❈❖✶✵✶❍✶✿ Pr✐♥❝✐♣❧❡s ♦❢ ▼✐❝r♦❡❝♦♥♦♠✐❝s Pr♦❢✳ ❋r❡✐t❛s✱ ❯♥✐✈❡rs✐t② ♦❢ ❚♦r♦♥t♦
✹✳ ❚❤❡ t❛❜❧❡ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ❛♥❞ P❤❛♥t♦♠ ❚✐❝❦❡ts s❤♦✇s ❡❛❝❤ st✉❞❡♥t✬s ✇✐❧❧✐♥❣♥❡ss t♦ ♣❛② ❢♦r ❛ P❤❛♥t♦♠ ♦❢ t❤❡
❖♣❡r❛ t✐❝❦❡t✳ ❆ss✉♠❡ t❤❛t ❡❛❝❤ st✉❞❡♥t ✇❛♥ts t♦ ❜✉② ♦♥❡ t✐❝❦❡t✳ ■❢ t❤❡ ♣r✐❝❡ ♦❢ ❛ t✐❝❦❡t t♦ s❡❡ P❤❛♥t♦♠ ♦❢ t❤❡ ❖♣❡r❛
✐s ✩✺✵✱ t❤❡♥ ❘♦❜❡rt✬s ❝♦♥s✉♠❡r s✉r♣❧✉s ✐s✿
❆✮ ✩✻✵✳
❇✮ ✩✺✵✳
❈✮ ✩✶✵✳
❉✮ ✩✷✹✵✳
✺✳ ❚❤❡ t❛❜❧❡ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ❛♥❞ P❤❛♥t♦♠ ❚✐❝❦❡ts s❤♦✇s ❡❛❝❤ st✉❞❡♥t✬s ✇✐❧❧✐♥❣♥❡ss t♦ ♣❛② ❢♦r ❛ P❤❛♥t♦♠ ♦❢ t❤❡
❖♣❡r❛ t✐❝❦❡t✳ ❆ss✉♠❡ t❤❛t ❡❛❝❤ st✉❞❡♥t ✇❛♥ts t♦ ❜✉② ♦♥❡ t✐❝❦❡t✳ ■❢ t❤❡ ❜♦① ♦✣❝❡ ♣r✐❝❡ ♦❢ ❛ t✐❝❦❡t t♦ s❡❡ P❤❛♥t♦♠
♦❢ t❤❡ ❖♣❡r❛ ✐s ✩✺✵ ❛♥❞ t❤❡r❡ ✐s ♥♦ ♦t❤❡r ♠❛r❦❡t ❢♦r t✐❝❦❡ts✱ t❤❡ t♦t❛❧ ❝♦♥s✉♠❡r s✉r♣❧✉s ❢♦r t❤❡ ✜✈❡ st✉❞❡♥ts ✐s✿
❆✮ ✩✶✵✵✳
❇✮ ✩✶✼✺✳
❈✮ ✩✷✸✵✳
❉✮ ✩✷✹✵✳
❯s❡ t❤❡ ❢♦❧❧♦✇✐♥❣ t♦ ❛♥s✇❡r q✉❡st✐♦♥s ✻✲✽✿
❋✐❣✉r❡ ✶✿ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ■
✻✳ ▲♦♦❦ ❛t t❤❡ ✜❣✉r❡ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ■✳ ❆t ❛ ♣r✐❝❡ ♦❢ P✶✱ ❝♦♥s✉♠❡r s✉r♣❧✉s ❡q✉❛❧s t❤❡ ❛r❡❛✿
❆✮ ❆❇P✷✳
❇✮ ❆❋P✶✳
❈✮ ❆◗✸✵✳
❉✮ P✶P✷❇❋✳
✼✳ ▲♦♦❦ ❛t t❤❡ ✜❣✉r❡ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ■✳ ■❢ t❤❡ ♣r✐❝❡ ❢❛❧❧s ❢r♦♠ P✷ t♦ P✶✱ ❝♦♥s✉♠❡r s✉r♣❧✉s ✐♥❝r❡❛s❡s ❜② t❤❡ ❛r❡❛✿
❆✮ ❆❇P✷✳
❇✮ ❆❋P✶✳
❈✮ ❇●❋✳
❉✮ P✶P✷❇❋✳
✽✳ ▲♦♦❦ ❛t t❤❡ ✜❣✉r❡ ❈♦♥s✉♠❡r ❙✉r♣❧✉s ■✳ ■❢ t❤❡ ♣r✐❝❡ r✐s❡s ❢r♦♠ P✶ t♦ P✷✱ ❝♦♥s✉♠❡r s✉r♣❧✉s ❞❡❝r❡❛s❡s ❜② t❤❡ ❛r❡❛✿
❆✮ ❆❇P✷✳
❇✮ ❆❋P✶✳
❈✮ ❇●❋✳
❉✮ P✶P✷❇❋✳
❋✷✵✶✾ ✷ ▼❈ ❙✉r♣❧✉s ❛♥❞ ❊✣❝✐❡♥❝②