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6 Cards in this Set

  • Front
  • Back
CS i = WTP i - P i
consumer surplus equals willingness to pay minus price paid
de gustibus non est disputandum
people have differnt tastes/preferences for different things
elasticity

if P increases and R increases...
demand is inelastic
elasticity

if P increase and R decreases...
demand is elastic
elasticity in the short run vs long run
if you have time to plan ahead...people will shop around the find the better deal
monopolist goals...
a monopolist chooses price that maximizes profit knowiung that profit is a function of price