The difference between the value buyers would have been willing to pay mor and sellers would have been willing to charge less (up to equilibrium price) is called [...]
The difference between the value buyers would have been willing to pay mor and sellers would have been willing to charge less (up to equilibrium price) is called [...]
The difference between the value buyers would have been willing to pay mor and sellers would have been willing to charge less (up to equilibrium price) is called [...]
If you want to change selection, open original toplevel document below and click on "Move attachment"
Parent (intermediate) annotation
Open it , for every one of those units, sellers would have been willing to sell it for less than they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called <span>total surplus<span><body><html>
Original toplevel document
3.11. Total Surplus—Total Value minus Total Variable Cost
In the previous sections, we have seen that consumers and producers both receive “a bargain” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another. For every unit up to the equilibrium unit traded, buyers would have been willing to pay more than they actually had to pay. Additionally, for every one of those units, sellers would have been willing to sell it for less than they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called total surplus , and it is made up of the sum of consumer surplus and producer surplus. Note that the way the total surplus is divided between consumers and producers depends on the steepness of the d
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
Discussion
Do you want to join discussion? Click here to log in or create user.