Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-1, if the market is in equilibrium, then total surplus is represented by:
Definitions:
Human Capital
The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value.
Linear Programming
A complex mathematical procedure commonly used for project analysis in engineering and business applications; it can determine an optimum or best-supply mix solution to minimize costs or other constraints.
Probabilistic Programming
A programming paradigm concerned with the development of software and algorithms that reason and infer probabilities.
Stochastic Programming
A framework for modeling optimization problems that involve uncertainty.
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