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1、Chapter7/Consumers,Producers,andtheEfficiencyofMarkets❖1437CONSUMERS,PRODUCERS,ANDTHEEFFICIENCYOFMARKETSrketsWHAT’SNEWINTHESIXTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øthelinkbetweenbuyers’willingnesstop
2、ayforagoodandthedemandcurve.Øhowtodefineandmeasureconsumersurplus.Øthelinkbetweensellers’costsofproducingagoodandthesupplycurve.Øhowtodefineandmeasureproducersurplus.Øthattheequilibriumofsupplyanddemandmaximizestotalsurplusinamarket.CONTEXTANDPURPOSE:Chapter7isthefirstchapt
3、erinathree-chaptersequenceonwelfareeconomicsandmarketefficiency.Chapter7employsthesupplyanddemandmodeltodevelopconsumersurplusandproducersurplusasameasureofwelfareandmarketefficiency.TheseconceptsarethenutilizedinChapters8and9todeterminethewinnersandlosersfromtaxationandres
4、trictionsoninternationaltrade.ThepurposeofChapter7istodevelopwelfareeconomics—thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapters4through6employedsupplyanddemandinapositiveframework,whichfocusedonthequestion,“Whatistheequilibriumpriceandquantityinamarket
5、?”Thischapternowaddressesthenormativequestion,“Istheequilibriumpriceandquantityinamarketthebestpossiblesolutiontotheresourceallocationproblem,orisitsimplythepriceandquantitythatbalancesupplyanddemand?”Studentswilldiscoverthatundermostcircumstancestheequilibriumpriceandquant
6、ityisalsotheonethatmaximizeswelfare.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter7/Consumers,Producers,andtheEfficiencyofMarkets❖143KEYPOINTS:·Consumersurplusequalsbuyers’willingnesstop
7、ayforagoodminustheamounttheyactuallypayforit,anditmeasuresthebenefitbuyersgetfromparticipatinginamarket.Consumersurpluscanbecomputedbyfindingtheareabelowthedemandcurveandabovetheprice.·Producersurplusequalstheamountsellersreceivefortheirgoodsminustheircostsofproduction,andi
8、tmeasuresthebenefitsellersgetfromparticipatinginamarket.Producersurpluscanbecomput
