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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.

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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