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【正文】 fects economic wellbeing. ? Buyers and sellers receive benefits from taking part in the market. ? The equilibrium in a market maximizes the total welfare of buyers and sellers. Copyright 169。 2023 SouthWestern Welfare Economics ? Equilibrium in the market results in maximum benefits, and therefore maximum total welfare for both the consumers and the producers of the product. Copyright 169。2023 Southwestern/Thomson Learning (a) Price = $80 Price of Album 50 70 80 0 $100 Demand 1 2 3 4 Quantity of Albums John ’ s consumer surplus ($20) Figure 2 Measuring Consumer Surplus with the Demand Curve Copyright169。 2023 SouthWestern Using the Supply Curve to Measure Producer Surplus ? Just as consumer surplus is related to the demand curve, producer surplus is closely related to the supply curve. Copyright 169。 2023 SouthWestern MARKET EFFICIENCY Consumer Surplus = Value to buyers – Amount paid by buyers and Producer Surplus = Amount received by sellers – Cost to sellers Copyright 169。 2023 SouthWestern Evaluating the Market Equilibrium ? Market Power ? If a market system is not perfectly petitive, market power may result. ? Market power is the ability to influence prices. ? Market power can cause markets to be inefficient because it keeps price and quantity from the equilibrium of supply and demand. Copyright 169。 04:29:5204:29:5204:291/30/2023 4:29:52 AM ? 1以我獨沈久,愧君相見頻。 上午 4時 29分 52秒 上午 4時 29分 04:29: ? 沒有失敗,只有暫時停止成功!。 2023年 1月 上午 4時 29分 :29January 30, 2023 ? 1少年十五二十時,步行奪得胡馬騎。 :29:5204:29:52January 30, 2023 ? 1意志堅強的人能把世界放在手中像泥塊一樣任意揉捏。 2023年 1月 上午 4時 29分 :29January 30, 2023 ? 1業(yè)余生活要有意義,不要越軌。 上午 4時 29分 52秒 上午 4時 29分 04:29: ? 楊柳散和風,青山澹吾慮。 04:29:5204:29:5204:291/30/2023 4:29:52 AM ? 1成功就是日復一日那一點點小小努力的積累。 04:29:5204:29:5204:29Monday, January 30, 2023 ? 1乍見翻疑夢,相悲各問年。 2023 SouthWestern Summary ? Consumer surplus equals buyers’ willingness to pay for a good minus the amount they actually pay for it. ? Consumer surplus measures the benefit buyers get from participating in a market. ? Consumer surplus can be puted by finding the area below the demand curve and above the price. Copyright 169。 2023 SouthWestern MARKET EFFICIENCY ? Efficiency is the property of a resource allocation of maximizing the total surplus received by all members of society. Copyright 169。
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