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Using Boundless Presentations Boundless Teaching Platform Boundless empowers educators to engage their students with affordable, customizable textbooks and intuitive teaching tools. The free Boundless Teaching Platform gives educators the ability to customize textbooks in more than 20 subjects that align to hundreds of popular titles. Get started by using high quality Boundless books, or make switching to our platform easier by building from Boundless content pre-organized to match the assigned textbook. This platform gives educators the tools they need to assign readings and assessments, monitor student activity, and lead their classes with pre-made teaching resources. The Appendix The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience. Get started now at: http://boundless.com/teaching-platform Free to edit, share, and copy Feel free to edit, share, and make as many copies of the Boundless presentations as you like. We encourage you to take these presentations and make them your own. If you have any questions or problems please email: educators@boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com

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Consumer Surplus Economic Surplus Producer Surplus Economic Surplus Free to share, print, make copies and changes. Get yours at www.boundless.com

Economic Surplus > Consumer Surplus Consumer Surplus Willingness to Pay and the Demand Curve The Demand Curve and Consumer Surplus Impacts of Price Changes on Consumer Surplus Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/economic-surplus-4/consumer-surplus-50/

Economic Surplus > Producer Surplus Producer Surplus Market Power Defining Producer Surplus Impact of Changing Price on Producer Surplus Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/economics/textbooks/boundless-economics-textbook/economic-surplus-4/producer-surplus-51/

Appendix Free to share, print, make copies and changes. Get yours at www.boundless.com

Economic Surplus Key terms concentration ratio The proportion of total industry output produced by the largest firms (usually the four largest). consumer surplus The difference between the maximum price a consumer is willing to pay and the actual price they do pay. contestable market An imperfectly competitive industry subject to potential entry if prices or profits increase. demand curve The graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price. Herfindahl-Hirschman Index A measure of the size of firms in relation to the industry and an indicator of the amount of competition among them. market power The ability of a firm to profitably raise the market price of a good or service over marginal cost. A firm with total market power can raise prices without losing any customers to competitors. Price ceiling A government-imposed price control or limit on how high a price is charged for a product. price elasticity of supply A numerical measure of the responsiveness of the quantity supplied of a product to a change in the price of the product alone. price floor A mandated minimum price for a product in a market. producer surplus The amount that producers benefit by selling at a market price that is higher than the lowest price at which they would be willing to sell. producer surplus The amount that producers benefit by selling at a market price that is higher than the lowest price at which they would be willing to sell. utility The ability of a commodity to satisfy needs or wants; the satisfaction experienced by the consumer of that commodity. Free to share, print, make copies and changes. Get yours at www.boundless.com

Economic Surplus Consumer Surplus Consumer surplus, as shown highlighted in red, represents the benefit consumers get for purchasing goods at a price lower than the maximum they are willing to pay. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Economic-surpluses." CC BY-SA http://en.wikipedia.org/wiki/File:Economic-surpluses.svg View on Boundless.com

Economic Surplus Consumer Surplus An increase in the price will reduce consumer surplus, while a decrease in the price will increase consumer surplus. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | consumer-surplus-is-the-differnece-between-what-you-are-prepared-to-pay-and-what-you-end-up-paying | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/80666643@N00/4346865114/sizes/o/in/photostream/ View on Boundless.com

Economic Surplus Economic Surplus Producer surplus is the shaded area directly above the supply curve, up to the equilibrium point. Consumer surplus is the shaded area directly under the demand curve, up to the equilibrium point. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Economic-surpluses." GNU FDL http://en.wikipedia.org/wiki/File:Economic-surpluses.svg View on Boundless.com

Economic Surplus Producer Surplus and the Demand Curve If the demand curve shifts out, producer surplus increases, as seen by size of the gray triangle. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikispaces. "WrightsLandofEconomics - Producer Surplus APMICE." CC BY-SA http://wrightslandofeconomics.wikispaces.com/Producer+Surplus+APMICE View on Boundless.com

Economic Surplus Economic Surplus The producer surplus is directly above the supply curve and is shaded in blue. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Economic-surpluses." GNU FDL http://en.wikipedia.org/wiki/File:Economic-surpluses.svg View on Boundless.com

Economic Surplus Producer surplus In the figure, producer surplus at different prices is represented by the pink rectangles. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Producer Surplus." CC BY-SA http://en.wikipedia.org/wiki/File:Producer_Surplus.jpg View on Boundless.com

Economic Surplus Supply and demand graph The downward sloping demand curve reflects the fact that as price increases, consumers willing to purchase less of the good or service. Free to share, print, make copies and changes. Get yours at www.boundless.com Music Think Tank. "Why is Music Cheaper Now?It's as Simple as Supply and Demand - MTT - Music Think Tank." CC BY http://www.musicthinktank.com/blog/why- is-music-cheaper-now-its-as-simple-as-supply-and-demand.html View on Boundless.com

Economic Surplus Google Logo In 2012, the U.S. Federal Trade Commission opened an antitrust probe against Google's search practices. Google allegedly used its market dominance to promote its own products over competitors' products in web searches. Free to share, print, make copies and changes. Get yours at www.boundless.com Wikipedia. "Logo 2013 Google." Public domain http://en.wikipedia.org/wiki/File:Logo_2013_Google.png View on Boundless.com

Economic Surplus Attribution Wiktionary. "utility." CC BY-SA 3.0 http://en.wiktionary.org/wiki/utility Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/demand-curve Wikipedia. "Inferior good." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Inferior_good Wikipedia. "Giffen good." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Giffen_good Wikipedia. "Veblen good." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Veblen_good Wikibooks. "Microeconomics/Supply and Demand." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Microeconomics/Supply_and_Demand%23Demand_Curve Wikipedia. "Demand curve." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Demand_curve Wikipedia. "consumer surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/consumer%20surplus Wikipedia. "Utility." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Utility Wikibooks. "Principles of Economics/Demand." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Principles_of_Economics/Demand%23Consumer_surplus Wikipedia. "Consumer's surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Consumer's_surplus%23Consumer_surplus Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/price-ceiling Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/price-floor Wikipedia. "Deadweight loss." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Deadweight_loss Wikibooks. "Principles of Economics/Demand." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Principles_of_Economics/Demand%23Consumer_surplus Wikipedia. "Consumer's surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Consumer's_surplus%23Consumer_surplus Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/herfindahl-hirschman-index Free to share, print, make copies and changes. Get yours at www.boundless.com

Economic Surplus Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/concentration-ratio Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/contestable-market Wikipedia. "market power." CC BY-SA 3.0 http://en.wikipedia.org/wiki/market%20power Wikipedia. "Herfindahl index." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Herfindahl_index Wikispaces. "CRN5555 - Chapter 25 outline." CC BY-SA http://crn5555.wikispaces.com/Chapter+25+outline Wikipedia. "Market power." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Market_power Wikiversity. "BiP 2009 Section 23 Vocabulary Wiki." CC BY-SA http://en.wikiversity.org/wiki/BiP_2009_Section_23_Vocabulary_Wiki Wikiversity. "Dominant group/Economics." CC BY-SA http://en.wikiversity.org/wiki/Dominant_group/Economics Wikipedia. "producer surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/producer%20surplus Wikipedia. "Partial equilibrium." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Partial_equilibrium Wikispaces. "MicroEcon201 - 17 Surplus." CC BY-SA http://microecon201.wikispaces.com/17+Surplus Wikispaces. "WrightsLandofEconomics - Producer Surplus APMICE." CC BY-SA http://wrightslandofeconomics.wikispaces.com/Producer+Surplus+APMICE Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//economics/definition/price-elasticity-of-supply Wikipedia. "producer surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/producer%20surplus Wikispaces. "MicroEcon201 - elasticity of supply." CC BY-SA http://microecon201.wikispaces.com/elasticity+of+supply Wikispaces. "WrightsLandofEconomics - Producer Surplus APMICE." CC BY-SA http://wrightslandofeconomics.wikispaces.com/Producer+Surplus+APMICE Wikipedia. "Partial equilibrium." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Partial_equilibrium Wikipedia. "Producer surplus." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Producer_surplus Free to share, print, make copies and changes. Get yours at www.boundless.com