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Unformatted text preview: Consumers surplus Value to buyers amount paid by buyers Producers surplus Amount received by sellers cost to sellers *amount paid by buyers = amount received by sellers Supply and Demand Demand Function Dx = f(Px,P1,P2,, I, T, Z,) Dx=Quantity of good x demanded Px= Price of good x P1= Price of good 1 (etc.) I= Level of income T= General Environment Z= Expectations Supply Function Dx= f(Px, P1, P2, , W1, W2, , Z,) Dx= quantity of good x supplied Px= Price of good x P1= Price of good 1 (etc.) W1= Price of input 1 (etc.) Z= Expectations TStat Tstatistic = Absolute value of regression coefficient Standard error for that regression coefficient *above 2 = statistically significant Confidence Interval Coefficient +/ (2 x standard error) *interval not including 0 = statistically significant...
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 Fall '08
 JUNE

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