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Flashcard 150900807
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe quantity supplied is greater at higher prices.
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150900823
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe quantity demanded is greater at lower prices.
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150901443
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901450
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901457
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901464
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901471
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901478
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901485
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901492
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901499
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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Flashcard 150901506
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Flashcard 150901513
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Flashcard 150901520
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Flashcard 150901527
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Flashcard 150901534
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Flashcard 150901541
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Flashcard 150901548
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Flashcard 150901555
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| scheduled repetition interval | last repetition or drill |
Flashcard 150901562
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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Flashcard 150901569
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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Flashcard 150901576
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901583
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
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Flashcard 150901590
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901597
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901604
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901611
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901618
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901625
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901632
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901639
| 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 |
Flashcard 150901646
| 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 |
Flashcard 150901653
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901660
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901667
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Flashcard 150901674
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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Flashcard 150901744
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
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Parent (intermediate) annotation
Open itCapital markets refers to the markets where firms raise money for investment by selling debt (borrowing) or selling equities (claims to ownership), as well as the markets where these
Original toplevel document (pdf)
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Flashcard 150901754
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
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Parent (intermediate) annotation
Open itan increase in the price of automobiles will decrease demand for gasoline (they are complements)
Original toplevel document (pdf)
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Flashcard 150901764
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itan increase in the price of bus travel will increase the demand for gasoline (they are substitutes)
Original toplevel document (pdf)
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Flashcard 150901774
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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Parent (intermediate) annotation
Open itwe graph demand curves with price (the independent variable) on the vertical y-axis and quantity (the dependent variable) on the horizontal x-axis by convention.
Original toplevel document (pdf)
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Law of demand - Wikipedia, the free encyclopedia
of a product decreases (↓), quantity demanded increases (↑). In simple words,law of demand means inverse relationship between price and quantity of demand.There is a negative relationship between the quantity demanded of a good and its price. <span>The factors held constant in this relationship are the prices of other goods and the consumer's income. [1] There are, however, some possible exceptions to the law of demand (see Giffen goods and Veblen goods). Contents 1 Mathematical expression 2 Graphical depiction 3 Except
Flashcard 150901798
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe factors held constant in Law of Demand relationship are the prices of other goods and the consumer's income
Original toplevel document
Law of demand - Wikipedia, the free encyclopediaof a product decreases (↓), quantity demanded increases (↑). In simple words,law of demand means inverse relationship between price and quantity of demand.There is a negative relationship between the quantity demanded of a good and its price. <span>The factors held constant in this relationship are the prices of other goods and the consumer's income. [1] There are, however, some possible exceptions to the law of demand (see Giffen goods and Veblen goods). Contents 1 Mathematical expression 2 Graphical depiction 3 Except
Flashcard 150901804
| 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 |
Parent (intermediate) annotation
Open itThe factors held constant in Law of Demand relationship are the prices of other goods and the consumer's income
Original toplevel document
Law of demand - Wikipedia, the free encyclopediaof a product decreases (↓), quantity demanded increases (↑). In simple words,law of demand means inverse relationship between price and quantity of demand.There is a negative relationship between the quantity demanded of a good and its price. <span>The factors held constant in this relationship are the prices of other goods and the consumer's income. [1] There are, however, some possible exceptions to the law of demand (see Giffen goods and Veblen goods). Contents 1 Mathematical expression 2 Graphical depiction 3 Except
is the quantity demanded of good x, 
is the price of the good, 
is the 
is its 
is the causal factor (
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Law of demand - Wikipedia, the free encyclopedia
ction 3 Exceptions to the law of demand 3.1 Giffen goods 3.2 Expectation of change in the price of commodity 3.3 Basic or necessary goods 4 The law of demand and change in demand 5 See also 6 References Mathematical expression[edit] <span>Mathematically, the inverse relationship may be expressed as a causal relation: where is the quantity demanded of good x, is the price of the good, is the demand function, and is its derivative. Here, is the causal factor (independent variable) and Is the dependent variable. Graphical depiction[edit] A demand curve is a graphical depiction that abides by the law of demand. It shows how the quantity demanded of some product during a specified period of
Flashcard 150901817
is the quantity demanded of good x, 
is the price of the good, 
is the 
is its 
Is the | status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itinverse relationship of the Law of Demand may be expressed as a causal relation: where is the quantity demanded of good x, is the price of the good, is the demand function, and is its derivative. Here, is the <span>causal factor (independent variable) and Is the dependent variable <span><body><html>
Original toplevel document
Law of demand - Wikipedia, the free encyclopediaction 3 Exceptions to the law of demand 3.1 Giffen goods 3.2 Expectation of change in the price of commodity 3.3 Basic or necessary goods 4 The law of demand and change in demand 5 See also 6 References Mathematical expression[edit] <span>Mathematically, the inverse relationship may be expressed as a causal relation: where is the quantity demanded of good x, is the price of the good, is the demand function, and is its derivative. Here, is the causal factor (independent variable) and Is the dependent variable. Graphical depiction[edit] A demand curve is a graphical depiction that abides by the law of demand. It shows how the quantity demanded of some product during a specified period of
Flashcard 150901826
is the quantity demanded of good x, 
is the price of the good, 
is the 
is the causal factor (
Is the | status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
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Parent (intermediate) annotation
Open it/head>Mathematically, the inverse relationship of the Law of Demand may be expressed as a causal relation: where is the quantity demanded of good x, is the price of the good, is the demand function, and is its derivative. Here, is the causal factor (independent variable) and Is the dependent variable <html>
Original toplevel document
Law of demand - Wikipedia, the free encyclopediaction 3 Exceptions to the law of demand 3.1 Giffen goods 3.2 Expectation of change in the price of commodity 3.3 Basic or necessary goods 4 The law of demand and change in demand 5 See also 6 References Mathematical expression[edit] <span>Mathematically, the inverse relationship may be expressed as a causal relation: where is the quantity demanded of good x, is the price of the good, is the demand function, and is its derivative. Here, is the causal factor (independent variable) and Is the dependent variable. Graphical depiction[edit] A demand curve is a graphical depiction that abides by the law of demand. It shows how the quantity demanded of some product during a specified period of
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Law of demand - Wikipedia, the free encyclopedia
n other words, as the price declines the quantity demanded increases. This is indicated by a downward movement along the demand curve. An increase in price decreases the quantity demanded, and an upward movement along the demand curve occurs. <span>The movement along a given demand curve due to a change in price is referred to as "change in quantity demanded". As the price changes, the quantity demanded changes. The term "change in demand" refers to a shift of the demand curve because of factors other than price. Exceptions to the law of demand[edit] Generally the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases, however, this may not be tru
Flashcard 150901836
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe movement along a given demand curve due to a change in price is referred to as "change in quantity demanded". As the price changes, the quantity demanded changes. The term "change in demand" refers to a shift of the demand curve because of factors other than price.
Original toplevel document
Law of demand - Wikipedia, the free encyclopedian other words, as the price declines the quantity demanded increases. This is indicated by a downward movement along the demand curve. An increase in price decreases the quantity demanded, and an upward movement along the demand curve occurs. <span>The movement along a given demand curve due to a change in price is referred to as "change in quantity demanded". As the price changes, the quantity demanded changes. The term "change in demand" refers to a shift of the demand curve because of factors other than price. Exceptions to the law of demand[edit] Generally the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases, however, this may not be tru
Flashcard 150901845
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe movement along a given demand curve due to a change in price is referred to as "change in quantity demanded". As the price changes, the quantity demanded changes. The term "change in demand" refers to a shift of the demand curve because of factors other than price.
Original toplevel document
Law of demand - Wikipedia, the free encyclopedian other words, as the price declines the quantity demanded increases. This is indicated by a downward movement along the demand curve. An increase in price decreases the quantity demanded, and an upward movement along the demand curve occurs. <span>The movement along a given demand curve due to a change in price is referred to as "change in quantity demanded". As the price changes, the quantity demanded changes. The term "change in demand" refers to a shift of the demand curve because of factors other than price. Exceptions to the law of demand[edit] Generally the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases, however, this may not be tru
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Capitalism - Wikipedia, the free encyclopedia
summated in the relation of a thing, of money, to itself.—Instead of the actual transformation of money into capital, we see here only form without content." — "Das Kapital", vol.1, ch. 24 Supply and demand[edit] <span>The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2 , resulting in an increase in price (P) and quantity sold (Q) of the product. In capitalist economic structures, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular g
Flashcard 150901866
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itThe price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2 , resulting in an increase in price (P) and quantity sold (Q) of the product.
Original toplevel document
Capitalism - Wikipedia, the free encyclopediasummated in the relation of a thing, of money, to itself.—Instead of the actual transformation of money into capital, we see here only form without content." — "Das Kapital", vol.1, ch. 24 Supply and demand[edit] <span>The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2 , resulting in an increase in price (P) and quantity sold (Q) of the product. In capitalist economic structures, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular g
Flashcard 150901872
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Parent (intermediate) annotation
Open itroduct is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2 , resulting in an increase in <span>price (P) and quantity sold (Q) of the product.<span><body><html>
Original toplevel document
Capitalism - Wikipedia, the free encyclopediasummated in the relation of a thing, of money, to itself.—Instead of the actual transformation of money into capital, we see here only form without content." — "Das Kapital", vol.1, ch. 24 Supply and demand[edit] <span>The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a positive shift in demand from D 1 to D 2 , resulting in an increase in price (P) and quantity sold (Q) of the product. In capitalist economic structures, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular g
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Flashcard 150901882
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Parent (intermediate) annotation
Open itThe fact that a greater quantity is supplied at higher prices is referred to as the law of supply.
Original toplevel document (pdf)
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Flashcard 150901892
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Parent (intermediate) annotation
Open itWhen we have a market supply and market demand curve for a good, we can solve for the price at which the quantity supplied equals the quantity demanded. We define this as the equilibrium price and the equilibrium quantity; graphically, these are identified by the point where the two curves intersect
Original toplevel document (pdf)
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Flashcard 150901905
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the price is above its equilibrium level, the quantity willingly supplied exceeds the quantity consumers are willing to purchase, and we have excess supply
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150901911
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the price is above its equilibrium level, the quantity willingly supplied exceeds the quantity consumers are willing to purchase, and we have excess supply
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150901917
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the price is above its equilibrium level, the quantity willingly supplied exceeds the quantity consumers are willing to purchase, and we have excess supply
Original toplevel document (pdf)
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Flashcard 150901927
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the market price is below its equilibrium level, the quantity demanded at that price exceeds the quantity supplied, and we have excess demand.
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150901933
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the market price is below its equilibrium level, the quantity demanded at that price exceeds the quantity supplied, and we have excess demand.
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150901939
| status | not learned | measured difficulty | 37% [default] | last interval [days] | |||
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| repetition number in this series | 0 | memorised on | scheduled repetition | ||||
| scheduled repetition interval | last repetition or drill |
Parent (intermediate) annotation
Open itif the market price is below its equilibrium level, the quantity demanded at that price exceeds the quantity supplied, and we have excess demand.
Original toplevel document (pdf)
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Flashcard 150901949
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Open itAn equilibrium is termed stable when there are forces that move price and quantity back towards equilibrium values when they deviate from those values.
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Flashcard 150901959
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Open itEven if the supply curve slopes downward, as long as it cuts through the demand curve from above, the equilibrium will be stable.
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Flashcard 150901972
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Open itIf the supply curve is less steeply sloped than the demand curve, prices above (below) equilibrium will tend to get further from equilibrium. We refer to such an equilibrium as unstable.
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cannot see any pdfsFlashcard 150901978
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Open itIf the supply curve is less steeply sloped than the demand curve, prices above (below) equilibrium will tend to get further from equilibrium. We refer to such an equilibrium as unstable.
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Flashcard 150901996
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Open itIn a common value auction, the value of the item to be auctioned will be the same to any bidder, but the bidders do not know the value at the time of the auction.</ht
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Flashcard 150902009
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Open itOil lease auctions fall into common value auction category because the value of the oil to be extracted is the same for all, but bidders must estimate what that value is.
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Flashcard 150902022
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Open itBecause common value auction participants estimate the value with error, the bidder who most overestimates the value of a lease will be the highest (winning) bidder. This is sometimes referred to as the winner's curse, and the winning bidder may have losses as a result.
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Flashcard 150902032
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Open itAn example of a private value auction is an auction of art or collectibles. The value that each bidder places on an item is the value it has to him, and we assume that no bidder will bid mo
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Flashcard 150902042
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Open itOne common type of auction is an ascending price auction, also referred to as an English auction. Bidders can bid an amount greater than the previous high bid, and the bidder that first offers the highest bid of th
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150902048
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Open itOne common type of auction is an ascending price auction, also referred to as an English auction. Bidders can bid an amount greater than the previous high bid, and the bidder that first offers the highest bid of the auction wins the item and pays the
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Flashcard 150902058
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Open itIn a sealed bid auction, each bidder provides one bid, which is unknown to other bidders. The bidder submitting the highest bid wins the item and pays the price bid.</b
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Flashcard 150902068
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Open itA descending price auction, or Dutch auction, begins with a price greater than what any bidder will pay, and this offer price is reduced until a bidder agrees to pay it.</b
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cannot see any pdfsFlashcard 150902074
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Open itA descending price auction, or Dutch auction, begins with a price greater than what any bidder will pay, and this offer price is reduced until a bidder agrees to pay it.
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Flashcard 150902084
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Open itThe term reservation price refers to the highest price that a bidder is willing to pay.
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cannot see any pdfsFlashcard 150902090
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Open itThe term reservation price refers to the highest price that a bidder is willing to pay.
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Flashcard 150902100
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Open itIn a sealed bid auction, the optimal bid for the bidder with the highest reservation price would be just slightly above that of the bidder who values the item second-most highly. For this reason, bids are not necessarily equal to bidders' reservation prices.
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Flashcard 150902110
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Open itIn a second price sealed bid auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is
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cannot see any pdfsFlashcard 150902116
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Open itIn a second price sealed bid auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a
Original toplevel document (pdf)
cannot see any pdfsFlashcard 150902122
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Open itIn a second price sealed bid auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a bidder to bid less than his reservation price.
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Flashcard 150902135
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Open itThe eventual outcome of Vickrey auction is much like that of an ascending price auction, where the winning bidder pays one increment of price more than the price offered by the bidder who values the item second-most highly.
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Flashcard 150902145
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Open itSometimes, a descending price auction is modified (modified Dutch auction) so that winning bidders all pay the same price, which is the reservation price of the bidder whose bid wins the last units offered.
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cannot see any pdfsFlashcard 150902151
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Open itSometimes, a descending price auction is modified (modified Dutch auction) so that winning bidders all pay the same price, which is the reservation price of the bidder whose bid wins the last units offered.
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Flashcard 150902164
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Open itIn Dutch auction, if the first (highest) bidder agrees to buy three of ten units at $100, subsequent bidders will get the remaining units at lower prices as descending offered prices are accepted
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Flashcard 150902181
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Open it
If you tender for something such as shares, you make a formal offer to buy them for a stated price.
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Flashcard 150902191
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Open itWith U.S. Treasury securities, a single price auction is held but bidders may also submit a noncompetitive bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in
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Economic surplus - Wikipedia, the free encyclopedia
ing consumer (red) and producer (blue) surpluses on a supply and demand chart In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (named after Alfred Marshall), refers to two related quantities. <span>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; this is rou
Flashcard 150902215
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Open itConsumer 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.
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediaing consumer (red) and producer (blue) surpluses on a supply and demand chart In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (named after Alfred Marshall), refers to two related quantities. <span>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; this is rou
Flashcard 150902221
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Open itConsumer 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.
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediaing consumer (red) and producer (blue) surpluses on a supply and demand chart In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (named after Alfred Marshall), refers to two related quantities. <span>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; this is rou
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Economic surplus - Wikipedia, the free encyclopedia
From Wikipedia, the free encyclopedia Jump to: navigation, search This article is about consumers' and producers' surplus. For information about other surpluses, see Surplus. <span>Graph illustrating consumer (red) and producer (blue) surpluses on a supply and demand chart In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (named after Alfred Marshall), refers to two related quantities. Consumer surplus or consume
Flashcard 150902234
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Open itGraph illustrating consumer (red) and producer (blue) surpluses on a supply and demand chart.
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediaFrom Wikipedia, the free encyclopedia Jump to: navigation, search This article is about consumers' and producers' surplus. For information about other surpluses, see Surplus. <span>Graph illustrating consumer (red) and producer (blue) surpluses on a supply and demand chart In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (named after Alfred Marshall), refers to two related quantities. Consumer surplus or consume
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Economic surplus - Wikipedia, the free encyclopedia
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. <span>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; this is roughly equal to profit (since producers are not normally willing to sell at a loss, and are normally indifferent to selling at a breakeven price). In Marxian economics, the term surplus may also refer to sur
Flashcard 150902247
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Open itProducer 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; this is roughly equal to profit
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediarefers 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. <span>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; this is roughly equal to profit (since producers are not normally willing to sell at a loss, and are normally indifferent to selling at a breakeven price). In Marxian economics, the term surplus may also refer to sur
Flashcard 150902253
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Open itProducer 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; this is roughly equal to profit
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediarefers 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. <span>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; this is roughly equal to profit (since producers are not normally willing to sell at a loss, and are normally indifferent to selling at a breakeven price). In Marxian economics, the term surplus may also refer to sur
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Economic surplus - Wikipedia, the free encyclopedia
amount that they pay now is their consumer surplus. Note that the utility of the first few liters of drinking water is very high (as it prevents death), so the first few litres would likely have more consumer surplus than subsequent liters. <span>The maximum amount a consumer would be willing to pay for a given quantity of a good is the sum of the maximum price they would pay for the first unit, the (lower) maximum price they would be willing to pay for the second unit, etc. Typically these prices are decreasing; they are given by the individual demand curve. For a given price the consumer buys the amount for which the consumer surplus is highest, where consumer surplus is the sum, over all units, of the excess of the maximum willingness to p
Flashcard 150902266
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Open itWhy consumer surplus is expressed by area (product of price and quantity)? Because the maximum amount a consumer would be willing to pay for a given quantity of a good is the sum of the maximum price they would pay for the first unit, the (lower) maximum price they would be willing to pay for the second unit, etc. Typically these prices are decreasing; they are given by the individual demand curve.
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediaamount that they pay now is their consumer surplus. Note that the utility of the first few liters of drinking water is very high (as it prevents death), so the first few litres would likely have more consumer surplus than subsequent liters. <span>The maximum amount a consumer would be willing to pay for a given quantity of a good is the sum of the maximum price they would pay for the first unit, the (lower) maximum price they would be willing to pay for the second unit, etc. Typically these prices are decreasing; they are given by the individual demand curve. For a given price the consumer buys the amount for which the consumer surplus is highest, where consumer surplus is the sum, over all units, of the excess of the maximum willingness to p
Flashcard 150902272
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Open itven quantity of a good is the sum of the maximum price they would pay for the first unit, the (lower) maximum price they would be willing to pay for the second unit, etc. Typically these prices are decreasing; they are given by the individual <span>demand curve.<span><body><html>
Original toplevel document
Economic surplus - Wikipedia, the free encyclopediaamount that they pay now is their consumer surplus. Note that the utility of the first few liters of drinking water is very high (as it prevents death), so the first few litres would likely have more consumer surplus than subsequent liters. <span>The maximum amount a consumer would be willing to pay for a given quantity of a good is the sum of the maximum price they would pay for the first unit, the (lower) maximum price they would be willing to pay for the second unit, etc. Typically these prices are decreasing; they are given by the individual demand curve. For a given price the consumer buys the amount for which the consumer surplus is highest, where consumer surplus is the sum, over all units, of the excess of the maximum willingness to p
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Social cost - Wikipedia, the free encyclopedia
y transaction costs, such as walking to the stand. Contents 1 Implications 2 Theory 3 Notes 4 Literature 5 See also Implications[edit] If there is a negative externality, then social costs will be greater than private costs. <span>Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a
Flashcard 150902290
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Open itEnvironmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality.
Original toplevel document
Social cost - Wikipedia, the free encyclopediay transaction costs, such as walking to the stand. Contents 1 Implications 2 Theory 3 Notes 4 Literature 5 See also Implications[edit] If there is a negative externality, then social costs will be greater than private costs. <span>Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a
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Social cost - Wikipedia, the free encyclopedia
edit] If there is a negative externality, then social costs will be greater than private costs. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. <span>If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: t
Flashcard 150902300
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Open itIf there is a positive externality, then one will have higher social benefits than private benefits.
Original toplevel document
Social cost - Wikipedia, the free encyclopediaedit] If there is a negative externality, then social costs will be greater than private costs. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. <span>If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: t
Flashcard 150902309
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Parent (intermediate) annotation
Open itIf there is a positive externality, then one will have higher social benefits than private benefits.
Original toplevel document
Social cost - Wikipedia, the free encyclopediaedit] If there is a negative externality, then social costs will be greater than private costs. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. <span>If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: t
Flashcard 150902315
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Open itIf there is a positive externality, then one will have higher social benefits than private benefits.
Original toplevel document
Social cost - Wikipedia, the free encyclopediaedit] If there is a negative externality, then social costs will be greater than private costs. Environmental pollution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. <span>If there is a positive externality, then one will have higher social benefits than private benefits. For example, when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: t
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Social cost - Wikipedia, the free encyclopedia
ourced material may be challenged and removed. (September 2009) Social cost in economics may be distinguished from "private cost". [1] Economic theorists model individual decision-making as measurement of costs and benefits. <span>Social cost is also considered to be the private cost plus externalities. [2] Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions, not the costs that may be borne by others. With pure priv
Flashcard 150902325
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Open itSocial cost is also considered to be the private cost plus externalities.
Original toplevel document
Social cost - Wikipedia, the free encyclopediaourced material may be challenged and removed. (September 2009) Social cost in economics may be distinguished from "private cost". [1] Economic theorists model individual decision-making as measurement of costs and benefits. <span>Social cost is also considered to be the private cost plus externalities. [2] Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions, not the costs that may be borne by others. With pure priv
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Social cost - Wikipedia, the free encyclopedia
llution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. If there is a positive externality, then one will have higher social benefits than private benefits. For example, <span>when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: the benefit to society of an educated populace is a positive externality. In either case, economists refer to this as market failure because resources will be allocated inefficiently. In the case of negative externalities, private agents will engage in too muc
Flashcard 150902335
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Open it>when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: the benefit to society of an educated populace is a positive externality.<html>
Original toplevel document
Social cost - Wikipedia, the free encyclopediallution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. If there is a positive externality, then one will have higher social benefits than private benefits. For example, <span>when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: the benefit to society of an educated populace is a positive externality. In either case, economists refer to this as market failure because resources will be allocated inefficiently. In the case of negative externalities, private agents will engage in too muc
Flashcard 150902341
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Open itpan>when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: the benefit to society of an educated populace is a positive externality.<span><body><html>
Original toplevel document
Social cost - Wikipedia, the free encyclopediallution is an example of a social cost that is seldom borne completely by the polluter, thereby creating a negative externality. If there is a positive externality, then one will have higher social benefits than private benefits. For example, <span>when a supplier of educational services indirectly benefits society as a whole but only receives payment for the direct benefit received by the recipient of the education: the benefit to society of an educated populace is a positive externality. In either case, economists refer to this as market failure because resources will be allocated inefficiently. In the case of negative externalities, private agents will engage in too muc
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Externality - Wikipedia, the free encyclopedia
(disambiguation). Air pollution from motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated for by either the producers or users of motorized transport. <span>In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit. [1] For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-p
Flashcard 150902359
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Open itIn economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit
Original toplevel document
Externality - Wikipedia, the free encyclopedia(disambiguation). Air pollution from motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated for by either the producers or users of motorized transport. <span>In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit. [1] For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-p
Flashcard 150902368
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Parent (intermediate) annotation
Open itIn economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit
Original toplevel document
Externality - Wikipedia, the free encyclopedia(disambiguation). Air pollution from motor vehicles is an example of a negative externality. The costs of the air pollution for the rest of society is not compensated for by either the producers or users of motorized transport. <span>In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit. [1] For example, manufacturing activities that cause air pollution impose health and clean-up costs on the whole society, whereas the neighbors of an individual who chooses to fire-p
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Flashcard 150902465
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Open itThe reduction in consumer and producer surplus due to underproduction or overproduction is called a deadweight loss,
Original toplevel document (pdf)
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Deadweight loss - Wikipedia, the free encyclopedia
loss created by a binding price ceiling. Producer surplus is necessarily decreased, while consumer surplus may or may not increase; however the decrease in producer surplus must be greater than the increase (if any) in consumer surplus. <span>In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable. Causes of deadweight loss can include monopoly pricing (in the case of artificial scarcity), externalities, taxes or subsidies, and binding price ceilings or floors (including minimum wa
Flashcard 150902483
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Open itIn economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.
Original toplevel document
Deadweight loss - Wikipedia, the free encyclopedialoss created by a binding price ceiling. Producer surplus is necessarily decreased, while consumer surplus may or may not increase; however the decrease in producer surplus must be greater than the increase (if any) in consumer surplus. <span>In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable. Causes of deadweight loss can include monopoly pricing (in the case of artificial scarcity), externalities, taxes or subsidies, and binding price ceilings or floors (including minimum wa
Flashcard 150902489
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Parent (intermediate) annotation
Open itIn economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.
Original toplevel document
Deadweight loss - Wikipedia, the free encyclopedialoss created by a binding price ceiling. Producer surplus is necessarily decreased, while consumer surplus may or may not increase; however the decrease in producer surplus must be greater than the increase (if any) in consumer surplus. <span>In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable. Causes of deadweight loss can include monopoly pricing (in the case of artificial scarcity), externalities, taxes or subsidies, and binding price ceilings or floors (including minimum wa
Flashcard 150902495
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Parent (intermediate) annotation
Open itIn economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.
Original toplevel document
Deadweight loss - Wikipedia, the free encyclopedialoss created by a binding price ceiling. Producer surplus is necessarily decreased, while consumer surplus may or may not increase; however the decrease in producer surplus must be greater than the increase (if any) in consumer surplus. <span>In economics, a deadweight loss (also known as excess burden or allocative inefficiency) is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable. Causes of deadweight loss can include monopoly pricing (in the case of artificial scarcity), externalities, taxes or subsidies, and binding price ceilings or floors (including minimum wa