3 Tutorials that teach Welfare Analysis
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Welfare Analysis

Welfare Analysis

Author: Justin Tapp
This lesson will explain Welfare Analysis
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You demand. We supply.
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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.