10/22/20143 Consumer Surplus (CS) Willingness to pay Using the demand curve to measure CS How a lower price raises CS What does CS measure?
10/22/20144 Producer Surplus (PS) Cost and willingness to sell Using supply curve to measure PS How a higher price raises PS
10/22/20145 Market Efficiency The benevolent social planner Evaluating the market equilibrium Should there be a market in organs? Should there be a market in organs? Ticket scalping Ticket scalping