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Welfare Analysis

Welfare Analysis

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Author: Catherine Barry
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Notes on "Welfare Analysis"

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.

Producer Surplus 

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