Economic Surplus Welfare Economics and Public Goods.

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Presentation transcript:

Economic Surplus Welfare Economics and Public Goods

Copyright © by Houghton Mifflin Company. All rights reserved. 2 Measurements of Economic Welfare Consumer surplus (CS) Producer surplus (PS)

Copyright © by Houghton Mifflin Company. All rights reserved. 3 Figure 3.11: Consumer and Producer Surplus

Copyright © by Houghton Mifflin Company. All rights reserved. 4 Figure 3.12: Changes in Consumer and Producer Surpluses

Copyright © by Houghton Mifflin Company. All rights reserved. 5 Figure 3.13: Welfare Is Maximized at the Market Equilibrium Price and Quantity