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ECS1501-26-Y-A
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Investment is a stock variable.
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The monthly expenditure of a household is a flow variable.
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A new technological invention reduces the cost of manufacturing goods. How will this change affect both markets?
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If technology improves production efficiency, how does it affect producer surplus?
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How does an increase in demand affect consumer surplus?
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A firm with market power, such as a monopoly, typically has a higher producer surplus than firms in a competitive market.
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Consumer surplus is higher when market prices increase.
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Consumer surplus is always positive for every transaction.
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If consumer surplus increases, what can we conclude?
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A technology firm was willing to sell its software for R50 per license but had been selling it for R80. Due to market competition, the firm reduces its price to R65. What happens to the firm’s producer surplus per license?
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