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What is total surplus?

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is it just consumer plus producer surplus or is there more to it?

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  1. Combined the consumer surplus,producer surplus and the govt. surplus (if present) , then you got the TOTAL SURPLUS.

    Total surplus is the primary measured used in welfare economics to evaluate the efficiency of the a proposed policy.


  2. In general you are right but in some cases you should deduct costs of externalities.
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