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Economic Surplus Welfare Economics and Public Goods Measurements of Economic Welfare • Consumer surplus (CS) • Producer surplus (PS) Copyright © by Houghton Mifflin Company. All rights reserved. 2 Figure 3.11: Consumer and Producer Surplus Copyright © by Houghton Mifflin Company. All rights reserved. 3 Figure 3.12: Changes in Consumer and Producer Surpluses Copyright © by Houghton Mifflin Company. All rights reserved. 4 Figure 3.13: Welfare Is Maximized at the Market Equilibrium Price and Quantity Copyright © by Houghton Mifflin Company. All rights reserved. 5