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Random information on the term “Surplus”:
In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities:
In the mid-19th century, engineer Jules Dupuit first propounded the concept of economic surplus, but it was the economist Alfred Marshall who gave the concept its fame in the field of economics.
On a standard supply and demand diagram, consumer surplus is the area (triangular if the supply and demand curves are linear) above the equilibrium price of the good and below the demand curve. This reflects the fact that consumers would have been willing to buy a single unit of the good at a price higher than the equilibrium price, a second unit at a price below that but still above the equilibrium price, etc., yet they in fact pay just the equilibrium price for each unit they buy.
Likewise, in the supply-demand diagram, producer surplus is the area below the equilibrium price but above the supply curve. This reflects the fact that producers would have been willing to supply the first unit at a price lower than the equilibrium price, the second unit at a price above that but still below the equilibrium price, etc., yet they in fact receive the equilibrium price for all the units they sell.
Random information on the term “GLUT”:
Glöð (“glad” or “glowing embers”; sometimes anglicized as Glod or Glut ) is a legendary queen who figures in the Norse Þorsteins saga Víkingssonar.
She is a daughter of Grímr of Grímsgarðr in Jötunheimr and his wife Alvör, the sister of King Álf the Old of Álfheimr. She is also the wife of Logi, also referred to as Hálogi, with whom she had two daughters, Eysa or Eisa (“glowing embers”) and Eimyrja (“embers”).
In Norse mythology, Logi is a fire giant, god and personification of fire, mentioned in the Prose Edda. By extension, Glöð, as Logi’s consort, is sometimes identified as a goddess, as are her daughters. In addition to this, the placement of her father, Grímr, in Jötunheimr, identifies him as a jötunn, that is, a supernatural being. So does the placement of her mother, Alvör, in Alfheimr, the realm of the Light Elves. This suggests that Glöð is perhaps more properly regarded as a mythological figure rather than as a historical one. Glöð is also often wrongly identified as the wife of the god Loki rather than Logi.