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Microeconomics Study Notes: Surplus, Efficiency, Elasticity, and Consumer Choice

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Consumer Surplus and Willingness to Pay

Producer Surplus and Willingness to Sell

Economic Surplus and Efficiency

Price Ceilings, Price Floors, and Black Markets

Price Ceilings, Price Floors, and Black Markets

Introducing Taxes and Tax Incidence

Effects of Taxes on a Market

Percentage Change and Price Elasticity of Demand

Price Elasticity of Demand on a Graph

Determinants of Price Elasticity of Demand

Total Revenue Test

Price Elasticity of Supply

Price Elasticity of Supply on a Graph

Elasticity Summary

Budget Constraint

Consumer Optimum Consumption: Budget Constraint and Indifference Curves

Marginal Cost

People Are Rational