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101 lecture 7 101 lecture 7 Presentation Transcript

  • Next Exam Exam 3 October 24th Chapter 7, 8, 9
  • Microeconomics Lecture 7 Consumers, Producers, and the Efficiency of Markets
  • Key Terms welfare economics willingness to pay consumer or buyer surplus value (consumer surplus) cost producer or seller surplus value (producer surplus) efficiency
  • Economic Surplus Consumer - Buyer Producer - Seller
  • Value Versus Price
  • Sellers value less than price Buyers value more than price
  • Always TwoValues in a trade
  • Always TwoValues in a trade Difference between what I am willing to pay for and the price Difference between what I am willing to sell for and the price
  • 0
  • 0 100
  • BuyerValue 60 0 100
  • BuyerValue 60 SellerValue 40 0 100
  • BuyerValue 60 SellerValue 40 0 100
  • BuyerValue 60 SellerValue 40 Value Range 0 100
  • BuyerValue 60 SellerValue 40 Value RangePrice 0 100
  • BuyerValue 60 SellerValue 40 Value Range Price 0 100
  • BuyerValue 60 SellerValue 40 Value Range Price 0 100
  • BuyerValue 60 SellerValue 40 Value RangePrice 0 100
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold 0 100
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue = 60 - 40 = 20
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue = 60 - 40 = 20
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue = 60 - 40 = 20 Buyer or Consumer surplus value above price and below Buyer value
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue = 60 - 40 = 20 Buyer or Consumer surplus value above price and below Buyer value
  • BuyerValue 60 SellerValue 40 Value RangePrice Price between 40 and 60 will get sold As long as price is in the value range the pizza will sell 0 100 PotentialValue = BuyerValue - SellerValue = 60 - 40 = 20 Buyer or Consumer surplus value above price and below Buyer value Seller or Producer surplus value below price and above Seller value
  • Invisible Hand
  • Invisible Hand Buyer with highest value will be matched to the Seller with the lowest value
  • SurplusValue is equal to the difference between value and price
  • Economic Surplus is equal to seller surplus plus buyer surplus
  • Buyers Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 29 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 35 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 35 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 35 Riyadh Pizza Market
  • Buyers Ali Abdullah Ahmed Faisal Mohammed Mahmood Sultan Turki 0 5 10 15 20 25 30 35 40 40 38 36 34 32 30 28 26 Price 35 Riyadh Pizza Market
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 29 11 Abdullah 38 29 9 Ahmed 36 29 7 Faisal 34 29 5 Mohammed 32 29 3 Mahmood 30 29 1 Sultan 28 29 Turki 26 29 Total 36
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Customer Value Price Surplus Ali 40 35 5 Abdullah 38 35 3 Ahmed 36 35 1 Faisal 34 35 Mohammed 32 35 Mahmood 30 35 Sultan 28 35 Turki 26 35 Total 9
  • Sellers Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 29 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 29 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 29 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 35 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 35 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 35 Riyadh Pizza Market
  • Sellers Dominos Pizza Hut Dr Gale 0 5 10 15 20 25 30 35 40 20 25 30 Price 35 Riyadh Pizza Market
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 50) x 5 ÷ 2 = 250 ÷ 2 = 125
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 50) x 5 ÷ 2 = 250 ÷ 2 = 125 Producer Surplus Area = H x W ÷ 2 = (50 - 0) x 5 ÷ 2 = 250 ÷ 2 = 125
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 50) x 5 ÷ 2 = 250 ÷ 2 = 125 Producer Surplus Area = H x W ÷ 2 = (50 - 0) x 5 ÷ 2 = 250 ÷ 2 = 125 Total Surplus Area = H x W ÷ 2 = (100 - 0) x 5 ÷ 2 = 500 ÷ 2 = 250
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 40) x 4 ÷ 2 = 240 ÷ 2 = 120
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 40) x 4 ÷ 2 = 240 ÷ 2 = 120 Producer Surplus Area = H x W ÷ 2 = (40 - 20) x 4 ÷ 2 = 80 ÷ 2 = 40
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 40) x 4 ÷ 2 = 240 ÷ 2 = 120 Producer Surplus Area = H x W ÷ 2 = (40 - 20) x 4 ÷ 2 = 80 ÷ 2 = 40 Total Surplus Area = H x W ÷ 2 = (100 - 20) x 4 ÷ 2 = 320 ÷ 2 = 160
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 40) x 4 ÷ 2 = 240 ÷ 2 = 120 Producer Surplus Area = H x W ÷ 2 = (40 - 20) x 4 ÷ 2 = 80 ÷ 2 = 40 Total Surplus Area = H x W ÷ 2 = (100 - 20) x 4 ÷ 2 = 320 ÷ 2 = 160
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity SurplusValue Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area = H x W ÷ 2 = (100 - 40) x 4 ÷ 2 = 240 ÷ 2 = 120 Producer Surplus Area = H x W ÷ 2 = (40 - 20) x 4 ÷ 2 = 80 ÷ 2 = 40 Total Surplus Area = H x W ÷ 2 = (100 - 20) x 4 ÷ 2 = 320 ÷ 2 = 160
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Government Price Minimum Consumer Loss Producer Gain Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 45 Change = Lose 80 Government Price Minimum Consumer Loss Producer Gain Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 45 Change = Lose 80 Producer Surplus Area Before = 125 After = 165 Change = Gain 40 Government Price Minimum Consumer Loss Producer Gain Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Minimum Price Demand Supply Consumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 45 Change = Lose 80 Producer Surplus Area Before = 125 After = 165 Change = Gain 40 Total Surplus Area Before = 250 After = 210 Deadweight Loss = 40 Government Price Minimum Consumer Loss Producer Gain Loss Loss
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand Supply Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Government Price Maximum Consumer Gain Producer Loss Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 140 Change = Gain 15 Government Price Maximum Consumer Gain Producer Loss Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 140 Change = Gain 15 Producer Surplus Area Before = 125 After = 20 Change = Loss 105 Government Price Maximum Consumer Gain Producer Loss Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Demand SupplyConsumer Surplus Producer Surplus Consumer Surplus Area Before = 125 After = 140 Change = Gain 15 Producer Surplus Area Before = 125 After = 20 Change = Loss 105 Total Surplus Area Before = 250 After = 160 Deadweight Loss = 90 Government Price Maximum Consumer Gain Producer Loss Loss Loss Government Maximum Price
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Producer Surplus Consumer Surplus Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Producer Surplus Consumer Surplus Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Producer Surplus Consumer Surplus Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Producer Surplus Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Producer Surplus Total Surplus Before = 250 After = 90 Change = Loss 160 Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Producer Surplus Total Surplus Before = 250 After = 90 Change = Loss 160 Supply2 Supply1
  • 0 10 20 30 40 50 60 70 80 90 100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity Supply Shift Demand Consumer Surplus Producer Surplus Total Surplus Before = 250 After = 90 Change = Loss 160 Supply2 Supply1