Producer and Consumer Surplus
Use the chapter 4 notes and supplemental videos to gain a basic understanding of consumer and producer surplus.
1. Define consumer and producer surplus.
2. Recognize and calculate total consumer and producer surplus on a graph.
3. Explain the difference between individual and total consumer/producer surplus.
4. Draw on a graph producer and consumer surplus and explain what happens to either one when the demand or supply curve shifts.
Source: You Tube
