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# 经济代写|微观经济学代考Microeconomics代写|ECON110 HOW A HIGHER PRICE RAISES PRODUCER SURPLUS

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## 经济代写|微观经济学代考Microeconomics代写|HOW A HIGHER PRICE RAISES PRODUCER SURPLUS

You will not be surprised to hear that sellers always want to receive a higher price for the goods they sell. But how much does sellers’ well-being rise in response to a higher price? The concept of producer surplus offers a precise answer to this question.

Figure 7-6 shows a typical upward-sloping supply curve. Even though this supply curve differs in shape from the steplike supply curves in the previous figure, we measure producer surplus in the same way: Producer surplus is the area below the price and above the supply curve. In panel (a), the price is $P_1$, and producer surplus is the area of triangle $\mathrm{ABC}$.

Panel (b) shows what happens when the price rises from $P_1$ to $P_2$. Producer surplus now equals area ADF. This increase in producer surplus has two parts. First, those sellers who were already selling $Q_1$ of the good at the lower price $P_1$ are better off because they now get more for what they sell. The increase in producer surplus for existing sellers equals the area of the rectangle BCED. Second, some new sellers enter the market because they are now willing to produce the good at the higher price, resulting in an increase in the quantity supplied from $Q_1$ to $Q_2$. The producer surplus of these newcomers is the area of the triangle CEF.

As this analysis shows, we use producer surplus to measure the well-being of sellers in much the same way as we use consumer surplus to measure the wellbeing of buyers. Because these two measures of economic welfare are so similar, it is natural to use them together. And, indeed, that is exactly what we do in the next section.

## 经济代写|微观经济学代考Microeconomics代写|THE BENEVOLENT SOCIAL PLANNER

To evaluate market outcomes, we introduce into our analysis a new, hypothetical character, called the benevolent social planner. The benevolent social planner is an all-knowing, all-powerful, well-intentioned dictator. The planner wants to maximize the economic well-being of everyone in society. What do you suppose this planner should do? Should he just leave buyers and sellers at the equilibrium that they reach naturally on their own? Or can he increase economic well-being by altering the market outcome in some way?

To answer this question, the planner must first decide how to measure the economic well-being of a society. One possible measure is the sum of consumer and producer surplus, which we call total surplus. Consumer surplus is the benefit that buyers receive from participating in a market, and producer surplus is the benefit that sellers receive. It is therefore natural to use total surplus as a measure of society’s economic well-being.

To better understand this measure of economic well-being, recall how we measure consumer and producer surplus. We define consumer surplus as
Consumer surplus $=$ Value to buyers – Amount paid by buyers.
Similarly, we define producer surplus as
Producer surplus $=$ Amount received by sellers – Cost to sellers.
When we add consumer and producer surplus together, we obtain
Total surplus $=$ Value to buyers – Amount paid by buyers

Amount received by sellers – Cost to sellers.

# 微观经济学代写

## 经济代写|微观经济学代考Microeconomics代写|THE BENEVOLENT SOCIAL PLANNER

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