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The town of Dripping Springs adopts a $20 minimum wage. The lost trade profits are represented by the region cf. Lost trade gains are often referred to as deadweight loss.
The difference between the manufacturing and consumption of any product or service, including any appropriate taxes, is known as "deadweight loss." The most frequent sign of deadweight loss occurs when the ratio of production to consumption deviates from the ideal proportion of excess. Production excess and consumer surplus both are lost when trade profits are lost.
Area CF stands up for the missed benefits from trade, whereas areas C and F represent lost surplus value and lost output surplus, respectively. We integrate lost consumer surplus and lost producer surplus to calculate lost trade earnings.
Learn more about consumer surplus here:
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