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SUPPLYANDDEMANDII:MARKETSANDWELFARE37Consumers,Producers,andtheEfficiencyofMarkets7Consumers,Producers,andtheREVISITINGTHEMARKETEQUILIBRIUMDotheequilibriumpriceandquantitymaximizethetotalwelfareofbuyersandsellers?Marketequilibriumreflectsthewaymarketsallocatescarceresources.Whetherthemarketallocationisdesirablecanbeaddressedbywelfareeconomics.REVISITINGTHEMARKETEQUILIBRWelfareEconomicsWelfareeconomicsisthestudyofhowtheallocationof

resourcesaffectseconomicwell-being.Buyersandsellersreceivebenefitsfromtakingpartinthemarket.Theequilibriuminamarketmaximizesthetotalwelfareofbuyersandsellers.WelfareEconomicsWelfareeconoWelfareEconomicsEquilibriuminthemarketresultsinmaximumbenefits,andthereforemaximumtotalwelfareforboththeconsumersandtheproducersoftheproduct.WelfareEconomicsEquilibriumiWelfareEconomicsConsumersurplusmeasureseconomicwelfarefromthebuyer’sside.Producersurplusmeasureseconomicwelfarefromtheseller’s

side.WelfareEconomicsConsumersurpCONSUMERSURPLUSWillingnesstopayisthemaximumamountthatabuyerwillpayforagood.Itmeasureshowmuchthebuyervaluesthegoodorservice.CONSUMERSURPLUSWillingnesstoCONSUMERSURPLUSConsumersurplusisthebuyer’swillingnesstopayforagoodminustheamountthebuyeractuallypaysforit.CONSUMERSURPLUSConsumersurplTable1FourPossibleBuyers’WillingnesstoPayCopyright?2004South-WesternTable1FourPossibleBuyers’CONSUMERSURPLUSThemarketdemandcurvedepictsthevariousquantitiesthatbuyerswouldbewillingandabletopurchaseatdifferentprices.CONSUMERSURPLUSThemarketdemTheDemandScheduleandtheDemandCurveTheDemandScheduleandtheDeFigure1TheDemandScheduleandtheDemandCurveCopyright?2003Southwestern/ThomsonLearningPriceofAlbum0QuantityofAlbumsDemand1234$100John’swillingnesstopay80Paul’swillingnesstopay70George’swillingnesstopay50Ringo’swillingnesstopayFigure1TheDemandScheduleaFigure2MeasuringConsumerSurpluswiththeDemandCurveCopyright?2003Southwestern/ThomsonLearning(a)Price=$80PriceofAlbum5070800$100Demand1234QuantityofAlbumsJohn’sconsumersurplus($20)Figure2MeasuringConsumerSuFigure2MeasuringConsumerSurpluswiththeDemandCurveCopyright?2003Southwestern/ThomsonLearning(b)Price=$70PriceofAlbum5070800$100Demand1234Totalconsumersurplus($40)QuantityofAlbumsJohn’sconsumersurplus($30)Paul’sconsumersurplus($10)Figure2MeasuringConsumerSuUsingtheDemandCurvetoMeasureConsumerSurplusTheareabelowthedemandcurveandabovethepricemeasurestheconsumersurplusinthemarket.UsingtheDemandCurvetoMeasFigure3HowthePriceAffectsConsumerSurplusCopyright?2003Southwestern/ThomsonLearningConsumersurplusQuantity(a)ConsumerSurplusatPricePPrice0DemandP1Q1BACFigure3HowthePriceAffectsFigure3HowthePriceAffectsConsumerSurplusCopyright?2003Southwestern/ThomsonLearningInitialconsumersurplusQuantity(b)ConsumerSurplusatPricePPrice0DemandABCDEFP1Q1P2Q2ConsumersurplustonewconsumersAdditionalconsumersurplustoinitialconsumersFigure3HowthePriceAffectsWhatDoesConsumerSurplusMeasure?Consumersurplus,theamountthatbuyersarewillingtopayforagoodminustheamounttheyactuallypayforit,measuresthebenefitthatbuyersreceivefromagoodasthebuyersthemselvesperceiveit.WhatDoesConsumerSurplusMeaPRODUCERSURPLUSProducersurplusistheamountasellerispaidforagoodminustheseller’scost.Itmeasuresthebenefittosellersparticipatinginamarket.PRODUCERSURPLUSProducersurplTable2TheCostsofFourPossibleSellersCopyright?2004South-WesternTable2TheCostsofFourPossUsingtheSupplyCurvetoMeasureProducerSurplusJustasconsumersurplusisrelatedtothedemandcurve,producersurplusiscloselyrelatedtothesupplycurve.UsingtheSupplyCurvetoMeasTheSupplyScheduleandtheSupplyCurveTheSupplyScheduleandtheSuFigure4TheSupplyScheduleandtheSupplyCurveFigure4TheSupplyScheduleaUsingtheSupplyCurvetoMeasureProducerSurplusTheareabelowthepriceandabovethesupplycurvemeasurestheproducersurplusinamarket.UsingtheSupplyCurvetoMeasFigure5MeasuringProducerSurpluswiththeSupplyCurveCopyright?2003Southwestern/ThomsonLearningQuantityofHousesPaintedPriceofHousePainting500800$90006001234(a)Price=$600SupplyGrandma’sproducersurplus($100)Figure5MeasuringProducerSuFigure5MeasuringProducerSurpluswiththeSupplyCurveCopyright?2003Southwestern/ThomsonLearningQuantityofHousesPaintedPriceofHousePainting500800$90006001234(b)Price=$800Georgia’sproducersurplus($200)Totalproducersurplus($500)Grandma’sproducersurplus($300)SupplyFigure5MeasuringProducerSuFigure6HowthePriceAffectsProducerSurplusCopyright?2003Southwestern/ThomsonLearningProducersurplusQuantity(a)ProducerSurplusatPriceP

Price0SupplyBACQ1P1Figure6HowthePriceAffectsFigure6HowthePriceAffectsProducerSurplusCopyright?2003Southwestern/ThomsonLearningQuantity(b)ProducerSurplusatPriceP

Price0P1BCSupplyAInitialproducersurplusQ1P2Q2ProducersurplustonewproducersAdditionalproducersurplustoinitialproducersDEFFigure6HowthePriceAffectsMARKETEFFICIENCYConsumersurplusandproducersurplusmaybeusedtoaddressthefollowingquestion:Istheallocationofresourcesdeterminedbyfreemarketsinanywaydesirable?MARKETEFFICIENCYConsumersurpMARKETEFFICIENCYConsumerSurplus=Valuetobuyers–AmountpaidbybuyersandProducerSurplus=Amountreceivedbysellers–CosttosellersMARKETEFFICIENCYConsumerSurpMARKETEFFICIENCYTotalsurplus=Consumersurplus+ProducersurplusorTotalsurplus=Valuetobuyers–CosttosellersMARKETEFFICIENCYTotalsurplusMARKETEFFICIENCYEfficiencyisthepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety.MARKETEFFICIENCYEfficiencyisMARKETEFFICIENCYInadditiontomarketefficiency,asocialplannermightalsocareaboutequity–thefairnessofthedistributionofwell-beingamongthevariousbuyersandsellers.MARKETEFFICIENCYInadditiontFigure7ConsumerandProducerSurplusintheMarketEquilibriumCopyright?2003Southwestern/ThomsonLearningProducersurplusConsumersurplusPrice0QuantityEquilibriumpriceEquilibriumquantitySupplyDemandACBDEFigure7ConsumerandProducerMARKETEFFICIENCYThreeInsightsConcerningMarketOutcomesFreemarketsallocatethesupplyofgoodstothebuyerswhovaluethemmosthighly,asmeasuredbytheirwillingnesstopay.Freemarketsallocatethedemandforgoodstothesellerswhocanproducethematleastcost.Freemarketsproducethequantityofgoodsthatmaximizesthesumofconsumerandproducersurplus.MARKETEFFICIENCYThreeInsighFigure8TheEfficiencyoftheEquilibriumQuantityCopyright?2003Southwestern/ThomsonLearningQuantityPrice0SupplyDemandCosttosellersCosttosellersValuetobuyersValuetobuyersValuetobuyersisgreaterthancosttosellers.Valuetobuyersislessthancosttosellers.EquilibriumquantityFigure8TheEfficiencyoftheEvaluatingtheMarketEquilibriumBecausetheequilibriumoutcomeisanefficientallocationofresources,thesocialplannercanleavethemarketoutcomeashe/shefindsit.ThispolicyofleavingwellenoughalonegoesbytheFrenchexpressionlaissezfaire.EvaluatingtheMarketEquilibrEvaluatingtheMarketEquilibriumMarketPowerIfamarketsystemisnotperfectlycompetitive,marketpowermayresult.Marketpoweristheabilitytoinfluenceprices.Marketpowercancausemarketstobeinefficientbecauseitkeepspriceandquantityfromtheequilibriumofsupplyanddemand.EvaluatingtheMarketEquilibrEvaluatingtheMarketEquilibriumExternalitiescreatedwhenamarketoutcomeaffectsindividualsotherthanbuyersandsellersinthatmarket.causewelfareinamarkettodependonmorethanjustthevaluetothebuyersandcosttothesellers.Whenbuyersandsellersdonottakeexternalitiesintoaccountwhendecidinghowmuchtoconsumeandproduce,theequilibriuminthemarketcanbeinefficient.EvaluatingtheMarketEquilibrSummaryConsumersurplusequalsbuyers’willingnesstopayforagoodminustheamounttheyactuallypayforit.Consumersurplusmeasuresthebenefitbuyersgetfromparticipatinginamarket.Consumersurpluscanbecomputedbyfindingtheareabelowthedemandcurveandabovetheprice.SummaryConsumersurplusequalsSummaryProducersurplusequalstheamountsellersreceivefortheirgoodsminustheircostsofproduction.Producersurplusmeasuresthebenefitsellersgetfromparticipatinginamarket.Producersurpluscanbecomputedbyfindingtheareabelowthepriceandabovethesupplycurve.SummaryProducersurplusequalsSummaryAnallocationofresourcesthatmaximizesthesumofconsumerandproducersurplusissaidtobeefficient.Policymakersareoftenconcernedwiththeefficiency,aswellastheequity,ofeconomicoutcomes.SummaryAnallocationofresourSummaryTheequilibriumofdemandandsupplymaximizesthesumofconsumerandproducersurplus.Thisisasiftheinvisiblehandofthemarketplaceleadsbuyersandsellerstoallocateresourcesefficiently.Marketsdonotallocateresourcesefficientlyinthepresenceofmarketfailures.SummaryTheequilibriumofdema3

SUPPLYANDDEMANDII:MARKETSANDWELFARE37Consumers,Producers,andtheEfficiencyofMarkets7Consumers,Producers,andtheREVISITINGTHEMARKETEQUILIBRIUMDotheequilibriumpriceandquantitymaximizethetotalwelfareofbuyersandsellers?Marketequilibriumreflectsthewaymarketsallocatescarceresources.Whetherthemarketallocationisdesirablecanbeaddressedbywelfareeconomics.REVISITINGTHEMARKETEQUILIBRWelfareEconomicsWelfareeconomicsisthestudyofhowtheallocationof

resourcesaffectseconomicwell-being.Buyersandsellersreceivebenefitsfromtakingpartinthemarket.Theequilibriuminamarketmaximizesthetotalwelfareofbuyersandsellers.WelfareEconomicsWelfareeconoWelfareEconomicsEquilibriuminthemarketresultsinmaximumbenefits,andthereforemaximumtotalwelfareforboththeconsumersandtheproducersoftheproduct.WelfareEconomicsEquilibriumiWelfareEconomicsConsumersurplusmeasureseconomicwelfarefromthebuyer’sside.Producersurplusmeasureseconomicwelfarefromtheseller’s

side.WelfareEconomicsConsumersurpCONSUMERSURPLUSWillingnesstopayisthemaximumamountthatabuyerwillpayforagood.Itmeasureshowmuchthebuyervaluesthegoodorservice.CONSUMERSURPLUSWillingnesstoCONSUMERSURPLUSConsumersurplusisthebuyer’swillingnesstopayforagoodminustheamountthebuyeractuallypaysforit.CONSUMERSURPLUSConsumersurplTable1FourPossibleBuyers’WillingnesstoPayCopyright?2004South-WesternTable1FourPossibleBuyers’CONSUMERSURPLUSThemarketdemandcurvedepictsthevariousquantitiesthatbuyerswouldbewillingandabletopurchaseatdifferentprices.CONSUMERSURPLUSThemarketdemTheDemandScheduleandtheDemandCurveTheDemandScheduleandtheDeFigure1TheDemandScheduleandtheDemandCurveCopyright?2003Southwestern/ThomsonLearningPriceofAlbum0QuantityofAlbumsDemand1234$100John’swillingnesstopay80Paul’swillingnesstopay70George’swillingnesstopay50Ringo’swillingnesstopayFigure1TheDemandScheduleaFigure2MeasuringConsumerSurpluswiththeDemandCurveCopyright?2003Southwestern/ThomsonLearning(a)Price=$80PriceofAlbum5070800$100Demand1234QuantityofAlbumsJohn’sconsumersurplus($20)Figure2MeasuringConsumerSuFigure2MeasuringConsumerSurpluswiththeDemandCurveCopyright?2003Southwestern/ThomsonLearning(b)Price=$70PriceofAlbum5070800$100Demand1234Totalconsumersurplus($40)QuantityofAlbumsJohn’sconsumersurplus($30)Paul’sconsumersurplus($10)Figure2MeasuringConsumerSuUsingtheDemandCurvetoMeasureConsumerSurplusTheareabelowthedemandcurveandabovethepricemeasurestheconsumersurplusinthemarket.UsingtheDemandCurvetoMeasFigure3HowthePriceAffectsConsumerSurplusCopyright?2003Southwestern/ThomsonLearningConsumersurplusQuantity(a)ConsumerSurplusatPricePPrice0DemandP1Q1BACFigure3HowthePriceAffectsFigure3HowthePriceAffectsConsumerSurplusCopyright?2003Southwestern/ThomsonLearningInitialconsumersurplusQuantity(b)ConsumerSurplusatPricePPrice0DemandABCDEFP1Q1P2Q2ConsumersurplustonewconsumersAdditionalconsumersurplustoinitialconsumersFigure3HowthePriceAffectsWhatDoesConsumerSurplusMeasure?Consumersurplus,theamountthatbuyersarewillingtopayforagoodminustheamounttheyactuallypayforit,measuresthebenefitthatbuyersreceivefromagoodasthebuyersthemselvesperceiveit.WhatDoesConsumerSurplusMeaPRODUCERSURPLUSProducersurplusistheamountasellerispaidforagoodminustheseller’scost.Itmeasuresthebenefittosellersparticipatinginamarket.PRODUCERSURPLUSProducersurplTable2TheCostsofFourPossibleSellersCopyright?2004South-WesternTable2TheCostsofFourPossUsingtheSupplyCurvetoMeasureProducerSurplusJustasconsumersurplusisrelatedtothedemandcurve,producersurplusiscloselyrelatedtothesupplycurve.UsingtheSupplyCurvetoMeasTheSupplyScheduleandtheSupplyCurveTheSupplyScheduleandtheSuFigure4TheSupplyScheduleandtheSupplyCurveFigure4TheSupplyScheduleaUsingtheSupplyCurvetoMeasureProducerSurplusTheareabelowthepriceandabovethesupplycurvemeasurestheproducersurplusinamarket.UsingtheSupplyCurvetoMeasFigure5MeasuringProducerSurpluswiththeSupplyCurveCopyright?2003Southwestern/ThomsonLearningQuantityofHousesPaintedPriceofHousePainting500800$90006001234(a)Price=$600SupplyGrandma’sproducersurplus($100)Figure5MeasuringProducerSuFigure5MeasuringProducerSurpluswiththeSupplyCurveCopyright?2003Southwestern/ThomsonLearningQuantityofHousesPaintedPriceofHousePainting500800$90006001234(b)Price=$800Georgia’sproducersurplus($200)Totalproducersurplus($500)Grandma’sproducersurplus($300)SupplyFigure5MeasuringProducerSuFigure6HowthePriceAffectsProducerSurplusCopyright?2003Southwestern/ThomsonLearningProducersurplusQuantity(a)ProducerSurplusatPriceP

Price0SupplyBACQ1P1Figure6HowthePriceAffectsFigure6HowthePriceAffectsProducerSurplusCopyright?2003Southwestern/ThomsonLearningQuantity(b)ProducerSurplusatPriceP

Price0P1BCSupplyAInitialproducersurplusQ1P2Q2ProducersurplustonewproducersAdditionalproducersurplustoinitialproducersDEFFigure6HowthePriceAffectsMARKETEFFICIENCYConsumersurplusandproducersurplusmaybeusedtoaddressthefollowingquestion:Istheallocationofresourcesdeterminedbyfreemarketsinanywaydesirable?MARKETEFFICIENCYConsumersurpMARKETEFFICIENCYConsumerSurplus=Valuetobuyers–AmountpaidbybuyersandProducerSurplus=Amountreceivedbysellers–CosttosellersMARKETEFFICIENCYConsumerSurpMARKETEFFICIENCYTotalsurplus=Consumersurplus+ProducersurplusorTotalsurplus=Valuetobuyers–CosttosellersMARKETEFFICIENCYTotalsurplusMARKETEFFICIENCYEfficiencyisthepropertyofaresourceallocationofmaximizingthetotalsurplusreceivedbyallmembersofsociety.MARKETEFFICIENCYEfficiencyisMARKETEFFICIENCYInadditiontomarketefficiency,asocialplannermightalsocareaboutequity–thefairnessofthedistributionofwell-beingamongthevariousbuyersandsellers.MARKETEFFICIENCYInadditiontFigure7ConsumerandProducerSurplusintheMarketEquilibriumCopyright?2003Southwestern/ThomsonLearningProducersurplusConsumersurplusPrice0QuantityEquilibriumpriceEquilibriumquantitySupplyDemandACBDEFigure7ConsumerandProducerMARKETEFFICIENCYThreeInsightsConcerningMarketOutcomesFreemarketsallocatethesupplyofgoodstothebuyerswhovaluethemmosthighly,asmeasuredbytheirwillingnesstopay.Freemarketsallocatethedemandforgoodstothesellerswhocanproducethematleastcost.Freemarketsproducethequantityofgoodsthatmaximizesthesumofconsumerandproducersurplus.MARKETEFFICIENCYThreeInsighFigure8TheEfficiencyoftheEquilibriumQuantityCopyright?2003Southwestern/ThomsonLearningQuantityPrice0SupplyDemandCosttosellersCosttosellersValuetobuyersValuetobuyersValuetobuyersisgreaterthancosttosellers.Valuetobuyersislessthancosttosellers.EquilibriumquantityFigure8TheEfficiencyoftheEvaluatingtheMarketEquilibriumBecausetheequilibriumoutcomeisanefficientallocationofresources,thesocialplannercanleavethemarketoutcomeashe/shefindsit.ThispolicyofleavingwellenoughalonegoesbytheFrenchexpressionlaissezfaire.EvaluatingtheMarketEquilibrEvaluat

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