Instructor
Caris Liew
Description
In this chapter you will learn how to:
- explain the meaning and significance of consumer surplus
- explain the meaning and significance of producer surplus
- explain the causes of changes in consumer and producer surplus
- analyse the significance of price elasticity of demand and supply in determining the extent of changes in consumer and producer surplus.
Curriculum
2.5.1 Meaning and significance of consumer surplus
2.5.2 Meaning and significance of producer surplus
2.5.3 Causes of changes in consumer and producer surplus
2.5.4 Significance of price elasticity of demand and of supply in determining the extent of these changes
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