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Introduction 4
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Lecture1.1
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Lecture1.2
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Lecture1.3
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Lecture1.4
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Production Possibilities Frontier 4
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Lecture2.1
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Lecture2.2
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Lecture2.3
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Lecture2.4
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Trade 3
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Lecture3.1
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Lecture3.2
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Lecture3.3
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Demand 4
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Lecture4.1
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Lecture4.2
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Lecture4.3
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Lecture4.4
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Supply 2
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Lecture5.1
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Lecture5.2
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Equilibrium 4
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Lecture6.1
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Lecture6.2
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Lecture6.3
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Lecture6.4
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Curve Movements 4
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Lecture7.1
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Lecture7.2
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Lecture7.3
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Lecture7.4
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Elasticity and Revenue 5
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Lecture8.1
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Lecture8.2
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Lecture8.3
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Lecture8.4
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Lecture8.5
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Taxes 7
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Lecture9.1
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Lecture9.2
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Lecture9.3
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Lecture9.4
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Lecture9.5
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Lecture9.6
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Lecture9.7
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Consumer and Producer Surplus 8
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Lecture10.1
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Lecture10.2
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Lecture10.3
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Lecture10.4
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Lecture10.5
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Lecture10.6
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Lecture10.7
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Lecture10.8
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Imports and Exports 4
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Lecture11.1
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Lecture11.2
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Lecture11.3
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Lecture11.4
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Tariffs 2
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Lecture12.1
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Lecture12.2
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Introduction
Surplus is a representation of how much extra benefit consumers and producers get. Let’s say you are willing to pay $1000 for a laptop, but you spend only $700. We would say you have a surplus of $300 because you now can spend that money elsewhere. The previous lesson will lay a big role in this analysis, since we want to see how much worse off consumers and producers are from taxes (obviously a real analysis would also weigh the effects of government programs, but that’s a more advanced topic).
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