Chapter 7: Consumer Surplus, Producer Surplus and the Efficiency of Markets - Part 1

What is a free market? 0:55
How do economists measure value? 6:51
Consumer Surplus 9:07
How consumer surplus changes when price changes 33:17
Producer Surplus 40:06
How producer surplus changes when price changes 50:23

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[@DrAzevedoEcon]

Thank you! I appreciate the kind words!

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Literally the Top G of the microeconomics teachers! Put on 2x, and understood everything.

[@DrAzevedoEcon]

Thanks!!

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I spent an entire day trying to figure out the areas that represent “new entrants” both in terms of CS and PS and I couldn’t get it until I watched this lecture. Thank you Professor.

[@DrAzevedoEcon]

You're welcome. Glad the videos helped!

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The same

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[@DrAzevedoEcon]

You are very welcome!

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[@DrAzevedoEcon]

Thanks! Good luck with exams!!

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Amazingly taught!

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[@DrAzevedoEcon]

You're welcome....I'm glad the videos are helpful!

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[@DrAzevedoEcon]

Glad to be able to help.

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Looked up Jeremy bentham , wish I didn't , especially so late at night right before a test😅. All joke's aside, thank you. I did pretty well on my midterms thanks to you, hoping to do just as well in my endterms

[@DrAzevedoEcon]

Ha! Pretty rough to look at. Good luck on your endterms!

[@clipadda321]

What is the reservation price in consumer and producer surplus curve

[@Sigmagorilla-ov7by]

God of Economics

[@nosaibaahmed3828]

In which chapter did you talk about Utility? Another question.. In which chapter did you talk about Cost, Production, and Consumer Theory? Thank you in advance!

[@user-lr8nw5kr7b]

Thank you professor

[@DrAzevedoEcon]

You're welcome!

[@alexl7464]

at 21:30 you say that the price gets driven up until there is only one bidder left which is the price P*, but at the value of 800 aren't there still two bidders that are willing to pay that price? I would have thought that B would have stopped at any value greater than 800 but would still bid at 800, I cant quite see where I'm getting mixed up.

[@DrAzevedoEcon]

Just imagine the price being one bidding increment above $800. Just enough to eliminate the second highest bidder since their maximum is $800. The price would be just slightly higher than 800....I'm calling it 800 for convenience.

[@jeffreylaryea8120]

Pls thanks for everything...I really want to know the value of a good is equal..pls is it equal to the price you paid for the good or max you willing to pay minus price you actually pay for it..pls I hope to hear from you real soon😢

[@DrAzevedoEcon]

The value that you place on something would be the maximum you are willing to pay for it. For example, if you value something at $20, but the market price is $7, then you get $17 of consumer surplus. I hope that helps.

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Kindly please share chapter number10 . And your videos clear all my concepts . Appreciated ❣

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[@nikhilshah8883]

how could the price be reduced in an auction?

[@DrAzevedoEcon]

This is how a reverse auction works.

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im not letting you have my cooking utensils why my mom passed onto me !

[@DrAzevedoEcon]

Ha!!

[@manuelrecio2405]

I don´t understand why if B is willing to pay 800, A is the one that finishes buying at 800

[@DrAzevedoEcon]

Bidder A would actually pay a little bit more than $800....like $801. However, I just use $800 to make the discussion easier. Just suppose that B is willing to pay $799.

[@nehanthv4238]

45:33

[@jordafrancis9211]

Sir, where are the videos for other chapters?

[@DrAzevedoEcon]

You can find the other videos by going to my channel page and clicking on 'videos.' kzbin.info/door/ynaHas-XyaZniL7Zi94cUQ?view_as=subscriber

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