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3 Tutorials that teach Welfare Analysis
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Welfare Analysis

Welfare Analysis

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Author: Catherine Barry
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This lesson will explain Welfare Analysis

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Terms to Know
Consumer Surplus

Determined by the difference between actual price paid for a good and the highest amounts the consumer would have paid for the good.

Deadweight Loss

A variable that decreases the producer and consumer surplus due to a section of an incapacitated resource, such as tax.

Producer Surplus

The difference between actual payment for a good and the least amount a producer would have agreed to receive for the good.