+
Chapter 4 Consumer and Producer Surplus

Chapter 4 Consumer and Producer Surplus

Author: Matthew Lonn
Description:

Students will understand how to define and calculate producer and consumer surplus.

(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

Chapter 4 Producer and Consumer Surplus

Producer and Consumer Surplus

 

Use the chapter 4 notes and supplemental videos to gain a basic understanding of consumer and producer surplus.

Questions you should be able to answer after the lesson.

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.

Chapter 4 Notes

Producer and Consumer Surplus Video

Explanation of Consumer and Producer Surplus

Source: You Tube