ineedA
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Is the area lost in consumer surplus by raising price the gain in producer surplus?
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ineedA
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Bump
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NotKidding
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Raising prices transfers consumer surplus into producer surplus in the form of higher profits.
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kennyy god
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(Original post by ineedA)
Is the area lost in consumer surplus by raising price the gain in producer surplus?
yes obviously
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gr8wizard10
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yes
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Detiri17
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Remember dead weight loss
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ineedA
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Hahahhaha thanks everyone, was uncertain because I have it different in my notes - obviously wrote it down wrong
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ineedA
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(Original post by Detiri17)
Remember dead weight loss
This is what I wasn't certains about, what's the area of dead weight loss
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Detiri17
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A movement away from the market equilibrium (where marginal cost equals marginal revenue) will result in a loss of economic efficiency, an area which is neither part of consumer or producer surplus, it is the triangle area next to the 2 surpluses when not in equilibrium and in an easy example can be calculated with simple geometry. Should be easy enough to read about by searching it.
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