Consumer & producer surplus
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Intros
Lessons
- Consumer & Producer Surplus Overview:
- Consumer Surplus
- Willing to pay vs actually pay
- Algebraic Calculation of Consumer Surplus
- Graphical Calculation of Consumer Surplus
- An Example
- Producer Surplus
- Price producer receives vs minimum price producer accepts
- Algebraic Calculation of Producer Surplus
- Graphical Calculation of Producer Surplus
- An Example
- Economic Surplus
- The total benefit from consumer and producer
- Sum of consumer surplus and producer surplus
- Goal is to maximize economic surplus
- An Example
Examples
Lessons
- Finding the Consumer Surplus
Suppose the demand curve is P = 500 - 20Q and P = 200 + 5Q. - Suppose the demand curve is P = 800 - 5Q and P = 800 + 5Q.
- Finding the Producer Surplus
Suppose the demand curve is P = 400 - 20Q and P = 300 + 5Q. - Suppose the demand curve is P = 300 - 3Q and P = 250 + Q.
- Finding the Economic Surplus
Suppose the demand curve is P = 500 - 10Q and P = 300 + 5Q.