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\nConsumer and Producer Surplus in Economics\n

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\nThe video provides an overview of consumer and producer surplus and how they are represented on demand-supply diagrams. It explains how the demand curve is derived and how individual consumers' reservation prices determine consumer...\nThe video provides an overview of consumer and producer surplus and how they are represented on demand-supply diagrams. It explains how the demand curve is derived and how individual consumers' reservation prices determine consumer surplus. It also discusses the supply curve and how producers' willingness to produce at various prices determine producer surplus. The concept of total welfare and the impact of shifts in demand and supply on consumer and producer surplus is also covered. Finally, the video explains how the elasticity of demand and supply impacts the levels of consumer and producer surplus.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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13:49
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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economics, demand, surplus, demand curve, prices, equilibrium, values, area, markets
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Additional Tags

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a-level, lectures, micro, and, supply, 2.6, consumer, producer, reservation price, price elastic, lesser extent, total welfare, producer surplus, higher prices, supply curve, single unit, excess utility, consumer surplus, current area, individual consumers, market equilibrium, consumer values, market price, utility, price, unit, market, represented, case
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Classroom Considerations

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Best For: Explaining a topic
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Educator Ratings

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