3 supply and demand ii: markets and welfare. copyright © 2004 south-western 7 consumers, producers,...

3 SUPPLY AND DEMAND II: MARKETS AND WELFARE

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SUPPLY AND DEMAND II: MARKETS AND WELFARE

77Consumers, Producers, and the

Efficiency of Markets

Table 1 Four Possible Buyers’ Willingness to Pay

Page 4: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 1 The Demand Schedule and the Demand Curve

Page 5: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 1 the Demand Schedule and the Demand Curve

Page 6: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 2a Measuring Consumer Surplus with the Demand Curve

Page 7: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 2b Measuring Consumer Surplus with the Demand Curve

Page 8: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 3a How the Price Affects Consumer Surplus

Page 9: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 3b How the Price Affects Consumer Surplus

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Table 2 The Costs of Four Possible Sellers

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Figure 4 The Supply Schedule and the Supply Curve

Page 12: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 4 The Supply Schedule and the Supply Curve

Page 13: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 5a Measuring Producer Surplus with the Supply Curve

Page 14: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 5b Measuring Producer Surplus with the Supply Curve

Page 15: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 6a How the Price Affects Producer Surplus

Page 16: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 6b How the Price Affects Producer Surplus

Page 17: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 7 Consumer and Producer Surplus in the Market Equilibrium

Page 18: 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

Figure 8 The Efficiency of the Equilibrium Quantity

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demand curve slide

supply curve slide

welfare slide

market equilibrium slide

b measuring producer

b measuring consumer

demand schedule

supply schedule