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on Aspirin and Analgesic Poisonings,”American Economic Review 74(2) (1984): 324–27 ANSWER TO TRY IT! PROBLEM Deregulation of the airline industry led to sharply reduced fares and expanded output, suggesting that supply increased That should significantly increase consumer surplus Specifically, the supply curve shifted from S1 to S2 Consumer surplus is the difference between the total benefit received by consumers and total expenditures by consumers Before deregulation, when the price was B and the quantity was Q1, the consumer surplus was BCD The lower rates following deregulation reduced the price to consumers to, say, F, and increased the quantity to Q2 on the graph, thereby increasing consumer surplus to FCG Figure 16.4 [1] Sam Peltzman, “The Effects of Automobile Safety Regulations,” Journal of Political Economy 83 (August 1975): 677–725 [2] Alma Cohen and Liran Einan, “The Effects of Mandatory Seat Belt Laws on Driving Behaviour and Traffic Fatalities,” Review of Economics and Statistics 85:4 (November 2003): 828–43 Attributed to Libby Rittenberg and Timothy Tregarthen Saylor URL: http://www.saylor.org/books/ Saylor.org 878
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