Re: ZOMG MICRO ECONOMICS WTFFFF
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Social Surplus=Net benefit to society, this stuff is created when benefits of something outweight its costs, like giving money to people who live near airports to make them happy about their [censored] conditions [/ QUOTE ] i thought social surplus was the net benefit to society of having something available on the free market? i.e. on a S/D graph, the area of the triangle between actual P/Q and the S/D intercepts. |
Re: ZOMG MICRO ECONOMICS WTFFFF
im an econ major
cool stuff, huh? |
Re: ZOMG MICRO ECONOMICS WTFFFF
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im failing so i cant help you. [/ QUOTE ] 49 dollar buy-out paid in cash tomorrow? |
Re: ZOMG MICRO ECONOMICS WTFFFF
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LoL wouldnt this be a lockable thread in OOT and Student Life? BBV4L however welcomes you sir! [/ QUOTE ] Asking for help with homework/schoolwork is against the protocol here too, but ol' wily NT managed to be elusive enough to get by. |
Re: ZOMG MICRO ECONOMICS WTFFFF
would social surplus be the same thing as positive externalities? Deadweight loss is what society loses because of less transactions occuring after a tax is imposed.
BTW Im in microecon this semester too and we have a midterm thursday supply and demand wtf easy? elasticity is %change in quantity over %change in price. I believe inelastic is over one, elastic below one, unit elastic = 1. |
Re: ZOMG MICRO ECONOMICS WTFFFF
yea thats right.
here let me put it this way. consumer surplus is when someone buys a product for $5 dollars that they value at 6 dollars. they have a surplus of 1 dollar. producer surplus is when someone sells something for 5 dollars they value at 3 dollars. Essentially, society (consisting only of buyer and seller) has gained 3 dollars worth of utility from this transaction. thus, there is a social surplus. Note this can happen where both buyer and seller are happy. Social surplus is thus consumer surplus+producer surplus. So this will be look like the consumer surplus triangle (which is right) plus the producer surplus triangle (which is also right), creating a triangle pointing right on the S and D graph. Note: Most government activities produce a NEGATIVE social surplus for society. Seriously. |
Re: ZOMG MICRO ECONOMICS WTFFFF
wal-mart produces nice social surpluses
but they are evil and the government is good, right? lololol |
Re: ZOMG MICRO ECONOMICS WTFFFF
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land is perfectly inelastic. E=100000000000000000000, because no matter what the price change, there will be no change in quantity consumed. [/ QUOTE ] Wait. What? |
Re: ZOMG MICRO ECONOMICS WTFFFF
I think E=MC^2
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Re: ZOMG MICRO ECONOMICS WTFFFF
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[ QUOTE ] land is perfectly inelastic. E=100000000000000000000, because no matter what the price change, there will be no change in quantity consumed. [/ QUOTE ] Wait. What? [/ QUOTE ] uhhh this depends on how you define "land consumption" |
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