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Canada (161,876)
Economics (14)
01:220:102 (14)
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Department
Economics
Course
01:220:102
Professor
Thomas Prusa
Semester
Fall

Description
Chapter 4 Consumer and Producer Surplus41Consumers willingness to pay for a good maximum price at which he or she would buy that goodIndividual consumer surplus net gain to an individual buy from the purchase of a good o Equal to the difference between the buyers willingness to pay and the price paid Total consumer surplus sum of the individual consumer surpluses of all the buyers of a good in a marketConsumer surplus used to refer to both individual and to total consumer surplus42Sellers cost lowest price at which he or she is willing to sell a goodIndividual producer surplus net gain to an individual seller from selling a good o Equal to the difference between the price received and sellers cost Total producer surplus sum of the individual producer surpluses of all the sellers of a good in a marketProducer surplus used to refer both to individual and total produce
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