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10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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Page 1: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

04/11/2304/11/23 11

Consumers, Producers, Consumers, Producers, and the Efficiency of and the Efficiency of

MarketsMarkets

Chapter 7Chapter 7

Page 2: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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OutlineOutline

Consumer SurplusConsumer Surplus Producer SurplusProducer Surplus Market EfficiencyMarket Efficiency Conclusion: Market Efficiency and Market Conclusion: Market Efficiency and Market

FailureFailure

Page 3: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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Consumer Surplus (CS)Consumer Surplus (CS)

Willingness to payWillingness to pay Using the demand curve to measure CSUsing the demand curve to measure CS How a lower price raises CSHow a lower price raises CS What does CS measure?What does CS measure?

Page 4: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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Producer Surplus (PS)Producer Surplus (PS)

Cost and willingness to sellCost and willingness to sell Using supply curve to measure PSUsing supply curve to measure PS How a higher price raises PSHow a higher price raises PS

Page 5: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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Market EfficiencyMarket Efficiency

The benevolent social plannerThe benevolent social planner Evaluating the market equilibriumEvaluating the market equilibrium

Should there be a market in organs?Should there be a market in organs?Ticket scalpingTicket scalping

Page 6: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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ConclusionConclusion

Market efficiencyMarket efficiency Market failureMarket failure

Page 7: 10/22/20141 Consumers, Producers, and the Efficiency of Markets Chapter 7

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