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benefitsandissues,regionaland/orruraleconomicdevelopmentimpacts,nationaleconomicbenefits(such as consumers’ and producers’ surplus), and impacts on other federal, state, or local programs. In voluntary markets, it is generally accepted that some consumers are willing to pay more for a given quantityofaproductthantheymustpay. Thedifferencebetweenthetotalamountofmoneyaconsumer would be willing to pay for a given quantity of a commodity minus the total expenditures that are necessary to acquirethat quantity of the commodityis calledthe conxurner’ssurpEus (L,eftwichandEckert 1985). Conversely, it is generally accepted that some producers are willing to accept less for a given quantityofaproductthantheyreceive. Thedifferencebetweenthetotalamountofmoneyaproducer receives for a given quantity of a commodity minus the total expenditures that are necessary to produce that quantity of the commodity is called the producer’s surplus. Discussion Figure 4-2 illustrates the concepts of consumer surplus and producer surplus using traditional demand and supply curves. Figure 4-2. Consumerand producer surplus At the market position (P*,Q*), the market clears for the quantity Q*, selling for the price P? The area abQ*Odescribesthetotalvaluetheconsumerholdsforthisparticularquantityofthiscommodity. The total amount of money paid for the commodity is P*bQ*O. The value held by the consumer for this quantity of the commodity (Q*) over and above the total amount paid is abP*, or the consumer surplus. Because this is a voluntary market, the seller’s costs and normal profits27are included in the seller’s supply curve. Otherwise, the seller would not be willing or able to produce and supply the quantity of thecommodityrepresented. ThetotalamountofrevenuestheproducerreceivesforthesaleofQ*amount of product is P*bQ*O. The amount the producer would have been willing to accept for Q* is cOQ*b. The amount of money paid to the producer for Q* of the product over and above the amount the producer would be willing to have sold Q* for is cbP? This is also called the producers surplus (Au and Au 1983). 27 Normal profits are defined by the opportunity costs for the producer. 70PDF Image | A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies
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