ECO 365 Week 2 participation Principles of Microeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets

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ECO 365 Week 2 participation Principles of Microeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets
ECO 365 Week 2 participation Principles of Microeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets
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ECO 365 Week 2 participation Principles of Microeconomics, Ch. 7: Consumers, Producers, and the Efficiency of Markets

Read Ch. 7 of Principles of Microeconomics:

  • 7-1 Consumer Surplus, pp. 136-140

  • 7-2 Producer Surplus, pp. 141-144

  • 7-3 Market Efficiency, pp. 144-150

  • 7-4 Conclusion: Market Efficiency and Market Failure, pp. 150-151 

Consider the following as you read:

  1. Consider the term “welfare economics,” and apply it to the allocation of resources and its effects on today’s society.

  2. Consider the benefits buyers and sellers receive from engaging in market transactions.

  3. Consider how society can make these benefits as large as possible.

  4. Consider the following statement: in any market, the equilibrium of supply and demand maximizes the total benefits received by all buyers and sellers combined.