• Summarize and explain efficiency using a supply and demand market diagram
• Summarize and explain consumer surplus, producer surplus and social surplus using a supply and demand market diagram

1A. "Demand, Supply and Efficiency" in the "introduction" there are 2 "conditions" given.

Explain why condition 2 is more efficient than condition 1.

2A. "Demand, Supply and Efficiency" in the "Defining Efficiency A. Low cost suppliers, high value customers enter market" section,

List here the five ways efficiency is defined by economists.

3A.Using lecture section 3.5 "Demand, Supply and Efficiency" in the "Defining Efficiency A. Low cost suppliers, high value customers enter market" section,

Draw a supply and demand market diagram and label it completely and explain why only High benefit consumers and low cost suppliers enter the market.

4B. "Demand, Supply and Efficiency" sub-section "Consumer Surplus, Producer Surplus, Social Surplus" -

duplicate the market diagram shown and identify the area that is "consumer surplus" and the area that is "producer surplus".

5B.Using Textbook section 3.5 "Demand, Supply and Efficiency" sub-section "Consumer Surplus, Producer Surplus, Social Surplus" -

explain what consumer surplus is, producer surplus is and social surplus is