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  • Anforme Does my increase in Consumer Surplus mean firms lose out on Producer Surplus?

Anforme Does my increase in Consumer Surplus mean firms lose out on Producer Surplus?

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Rachel Cole, teacher at Cheltenham Ladies’ College and a Principal Examiner, explains the relationship between two important concepts in microeconomics

Summary of Key Points:

  • ·         What is consumer surplus?

 

  • ·         What is producer surplus?

 

  • ·         ‘Daily Deal’ example

 

  • ·         Price elasticity of demand and the size of consumer and producer surplus.

 

  • ·         So who wins when prices are cut?

 

  • ·         Appendix – a second rule of thumb: price elasticity of supply and producer surplus

 

  • ·         Key Terms and Try This

This article appeared in ET Volume 20 issue 1

Download: D114

Rachel Cole, teacher at Cheltenham Ladies’ College and a Principal Examiner, explains the relationship between two important concepts in microeconomics

Summary of Key Points:

  • ·         What is consumer surplus?

 

  • ·         What is producer surplus?

 

  • ·         ‘Daily Deal’ example

 

  • ·         Price elasticity of demand and the size of consumer and producer surplus.

 

  • ·         So who wins when prices are cut?

 

  • ·         Appendix – a second rule of thumb: price elasticity of supply and producer surplus

 

  • ·         Key Terms and Try This

This article appeared in ET Volume 20 issue 1

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