The paper "Demand and Supply" is an outstanding example of a macro & microeconomics assignment. The market demand curve is defined as the total of individual demand that is found in a given market. On the other hand, the individual demand curve is defined as the number of goods and services that a consumer is ready to buy at a given price. When all the demand of individual consumers is put together, then we can form market demand. The market supply is defined as the total of individual sellers who are willing to sell in a given market.
On the other hand, individual supply is the number of goods that sellers are willing to sell in the market at a given price. When we add the total individual supply in the market, then we are in the position of getting a market supply of a given commodity. Consumer surplus according to economics is the difference that exists between the amount that the consumers are able and willing to pay for the goods and services that are there in the market and the actual amount of money that the consumer pays consumer pays in the market. Producer surplus according to economists is the difference that a producer receives for a given good that he deals with and the minimum amount that a producer is willing to receive for that product regarding economic value. Total surplus is the sum of consumer surplus and producer surplus.
Hence the addition of the above-defined terms is equal to total surplus. Deadweight loss according to economists is the act of losing efficiency which comes as a result of not attaining equilibrium of goods or services in the market. Allocative efficiency is purely concerned with the way goods and services being distributed and allocated in society.
The allocation is done in a way that the consumer’ s preferences are observed closely leading to the satisfaction of consumers with the scarce resources that are available. Regardless of the way that allocation efficiency is defined, the major concept is the distribution is the satisfaction of consumer needs from the scarce available resources. ECONOMICS EVERYDAY a) The very flat demand curve
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Arrigo Opocher and Ian Steedman, "Input Price-Input Quantity Relations and the Numeraire", Cambridge Journal of Economics, V. 3 (2009): 937–948
Goodwin, N, Nelson, J; Ackerman, F & Weisskopf, T: Microeconomics in Context 2d ed. Sharpe 2009