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【正文】 r surplus Price 0 Quantity Equilibrium price Equilibrium quantity Supply Demand A C B D E 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。 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/Thomson Learning Quantity (b) Producer Surplus at Price P Price 0 P1 B C Supply A Initial producer surplus Q1 P2 Q2 Producer surplus to new producers Additional producer surplus to initial producers D E F Copyright 169。2023 Southwestern/Thomson Learning Quantity of Houses Painted Price of House Painting 500 800 $900 0 600 1 2 3 4 (b) Price = $800 Geia ’ s producer surplus ($200) Total producer surplus ($500) Grandma ’ s producer surplus ($300) Supply Figure 6 How the Price Affects Producer Surplus Copyright169。 2023 SouthWestern Using the Supply Curve to Measure Producer Surplus ? The area below the price and above the supply curve measures the producer surplus in a market. Figure 5 Measuring Producer Surplus with the Supply 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 PRODUCER SURPLUS ? Producer surplus is the amount a seller is paid for a good minus the seller’s cost. ? It measures the benefit to sellers participating in a market. Table 2 The Costs of Four Possible Sellers Copyright169。2023 Southwestern/Thomson Learning Initial consumer surplus Quantity (b) Consumer Surplus at Price P Price 0 Demand A B C D E F P1 Q1 P2 Q2 Consumer surplus to new consumers Additional consumer surplus to initial consumers Copyright 169。 2023 SouthWestern Using the Demand Curve to Measure Consumer Surplus ? The area below the demand curve and above the price measures the consumer surplus in the market. Figure 3 How the Price Affects Consumer Surplus Copyright169。2023 Southwestern/Thomson Learning (a) P
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