Micro: Unit 1.6 -- Consumer Surplus, Producer Surplus, and Deadweight Loss
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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