Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
- Define consumer surplus, producer surplus, the buyer's maximum price, and the seller's
minimum price
- Identify the areas of consumer surplus and producer surplus on a graph
- Explain how changes in market price and quantity will impact consumer surplus and
producer surplus in the market
- Practice calculating consumer surplus using several sets of equilibrium prices
- Define deadweight loss and explain how the presence of deadweight loss implies that a
market is allocatively inefficient
- Identify the area of deadweight loss on a graph
- Practice calculating deadweight loss using several sets of equilibrium prices
- Demonstrate how government intervention will impact consumer surplus, producer
surplus, and deadweight loss in a market
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