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Chapter 10 - Using the competitive model. In this chapter students will be able to: Show how changes in market conditions or government policies affect the welfare of consumers, producers, and market participants as a whole; analyze the effects of an excise tax on a specific good on the welfare of consumers, producers, and market participants as a whole; detail how regulation of the u.s. airline industry affected fares, airline company profits, and service quality. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 10: Using the Competitive Model Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Show how changes in market conditions or government policies affect the welfare of consumers, producers, and market participants as a whole. Analyze the effects of an excise tax on a specific good on the welfare of consumers, producers, and market participants as a whole. Detail how regulation of the U.S. airline industry affected fares, airline company profits, and service quality. (continued) Learning Objectives (continued) Explain how the entry restrictions imposed by most major U.S. cities on taxis affect fares and the profits earned by licensed taxi owners. Understand the effects of international trade on consumer and producer surplus and why a net gain results to a country from either imports or exports. Explore how government-specified maximum | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 10: Using the Competitive Model Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Show how changes in market conditions or government policies affect the welfare of consumers, producers, and market participants as a whole. Analyze the effects of an excise tax on a specific good on the welfare of consumers, producers, and market participants as a whole. Detail how regulation of the U.S. airline industry affected fares, airline company profits, and service quality. (continued) Learning Objectives (continued) Explain how the entry restrictions imposed by most major U.S. cities on taxis affect fares and the profits earned by licensed taxi owners. Understand the effects of international trade on consumer and producer surplus and why a net gain results to a country from either imports or exports. Explore how government-specified maximum quantities, or quotas, on sugar imports affect consumers, domestic producers, and the net welfare of the United States as well as other countries that produce sugar. 10.1 THE EVALUATION OF GAINS AND LOSSES Show how changes in market conditions or government policies affect the welfare of consumers, producers, and market participants as a whole. The Evaluation of Gains and Losses Consumer surplus – a measure of the net gain to a consumer or group of consumers from purchasing a good arising from cost being below the maximum that consumers are willing to pay Producer surplus – gains to producers from the sale of output to consumers, arising from price exceeding the minimum necessary to compensate the seller. Producer Surplus Who gets the producer surplus? Suppliers of inputs to the industry if the supply curve is upward-sloping Owners of inputs with horizontal supply curves to the industry receive no producer surplus. There is no aggregate producer surplus for a constant-cost
