Economic Surplus

Economic Surplus

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. In mainstream economics, economic surplus (also known as total welfare or Marshallian surplus after Alfred Marshall) refers to two related quantities. Consumer surplus or consumers' surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. Producer surplus or producers' surplus is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for.show more

Product details

  • Paperback | 92 pages
  • 152 x 229 x 6mm | 145g
  • Placpublishing
  • United States
  • English
  • black & white illustrations
  • 613620259X
  • 9786136202594