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Gains From Trade

Consumer Surplus

Quantifying Welfare E ects

Producer Surplus

Welfare in Equilibrium

Questions

Q: How can we. . .

Find a monetary measure of a consumer’s utility/happiness? Evaluate a consumer’s willingness to pay for a unit of a good?

Evaluate whether or not a market maximizes welfare without government intervention?

Quantify the effect of economic policy on consumers?

A: Use the concept of gains-from-trade

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