Legal Definition of misnomer. : the misnaming of a person in a legal document or proceeding (as in a complaint or indictment); specifically : the institution of proceedings against and service of process on the correct party using the incorrect name â compare idem sonans.
Definition of 'Producer Surplus' Definition: Producer surplus is defined as the difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade. Producer surplus is a measure of producer welfare. It is shown graphically as the area above the supply curve and below the equilibrium price. Here the producer surplus is shown in gray. As the price increases, the incentive for producing more goods increases, thereby increasing the producer surplus. Description: A producer always tries to increase his producer surplus by trying to sell more and more at higher prices.
Before this whole area was a total surplus. Below this green line was the producer surplus, above the green line and below this curve right here was the consumer surplus. Now we've lost part of it. We've lost this part right over here, so this is our dead weight loss. This is no longer part of the total consumer and producer surplus. That is dead weight loss. The taxation got us from an efficient situation, where we had that maximum consumer and producer surplus. This is our dead weight loss over here.