Consumer surplus part #1

Consumer surplus part #2 + Example

Producer surplus part #1

Producer surplus part #2

Producer surplus part #3

Efficiency

Equality

Conclusion: Market Efficiency and Market Failure

The budget constraint: what the consumer can afford

Preferences: what the consumer wants

Four properties of I\C

Optimization : what the consumer chooses

Utility

Optimum (example)

How changes in income affect the consumers choices

How Changes in Prices Affect the Consumer’s Choices

Income and Substitution Effects

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