Question
please address one of the following three topics. Be sure to address all aspects of the prompt. Then offer response posts of the threads of
please address one of the following three topics. Be sure to address all aspects of the prompt. Then offer response posts of the threads of two other classmates for full credit (1) Explain the relationship between Willingness and one of this chapter's Key Concepts: Consumer Surplus. Also, have you ever experienced Consumer Surplus? How would one know? and How much did you receive? (2) Total Surplus (also known as Total Social Welfare is AWESOME. Market-based approaches to allocation deliver lots of Social Welfare. How do we measure the Total Social Welfare generated by a particular market? Hint: you need to use some geometry and be able to parse out the Producer Surplus and the Consumer Surplus when you teach us how to do this. (3) What is meant by Market Efficiency (per this chapter)? Why is it likely that a market-based solution will beat a central planner almost every time in this type of Efficiency? D o you want to be a Benevolent Social Planner? If so, explain how you would do an obj inectively better job in allocating Resources/Finished Goods & Services. If not, explain why not. In either case, be sure to reason your answer using the chapter's contents.
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