What Is Consumer Surplus?

[@tazimmahta7625]

Awesome.... In Just 2 mintues you explained great.. Thanks.... :))

[@Guessnought]

i got mixed up whenever they mention marginal value in the book. this ironed it out so i could actually learn

[@nicholas4915]

best explanation in the youtube

[@oluwanifemiogundeko5870]

What's the name of the track in the background during the explanation?

[@RankaNikunj]

Please make a video on India's currency Demonization. How it affected our Economy?

[@danielle-balogh1575]

Listen indians. Go away. No one cares about your country ok.

[@faizfadhlirahman7955]

@@danielle-balogh1575 Be wise bro.

[@watermelon2223]

@@danielle-balogh1575 how rude

[@soulkombat1823]

@@danielle-balogh1575 😂😂 u don’t know about india and u are talking rubbish first go and tale care urslef bokkada person

[@PankajSharma-mv4nu]

That was a great explanation 👍

[@ahmadbiztech]

thank you. this helped me understand this

[@zachary811]

Excellent!!!

[@sidhant4411]

Informative video

[@AbdulMajid-hq9nn]

Very nice

[@whatfor5]

Okay, great, but what does that mean? The number doesn't really seem to relate or correlate to anything. It is just the area under an arbitrary curve which hypothetically has no end point and typically isn't linear. So what of relevance does it actually tell you?

[@viviansoza4834]

this is exactly what I'm trying to figure out at the moment

[@Estudo-slaoq]

Well, here I'm years later having the same question that two people had 3 and 6 years ago

[@jaycellangay5795]

Thank you😊

[@dgfcl56ify]

Thank you!!!!

[@omdobariya7971]

Great, I liked it...

[@hej-wd4es]

Plz nake these types of videos more and more

[@FlamingBasketballClub]

So consumer surplus is essentially the difference of what consumers paid for goods and services and the market price for those goods and services?

[@michaelspence2508]

That's my guess. It's uncaptured potential revenue.

[@FlamingBasketballClub]

@@michaelspence2508 Makes sense

[@sickomode2345]

No it is the difference between the maximum price a consumer wants to pay and the price he actualy pays. In most cases there is no difference between what the consumers pay and the marketprice. For example the maximum price that you are willing to pay for a brick of milk might be 5$ while the price you pay for it (market price) is only 2$. Then the consumer surplus would be 3$.

[@michaelspence2508]

@@sickomode2345 but if you're willing to pay $5 and the price is only $2 than that's $3 of revenue the seller could have had

[@sickomode2345]

@@michaelspence2508 true

[@alireza_94]

Great

[@vcudderisback9258]

they should really redo the intro in 60 fps

[@TheGerogero]

Combine price discrimination techniques designed to extract as much consumer surplus as possible along with consumerist propaganda and you go a long way in explaining the shrinking middle class.

[@cherylm2C6671]

Is this what coupons do? And is this why you can find a $50 item online for $1500? Is this what bitcoin does?- sorry, just discovering this!

[@MarginalRevolutionUniversity]

Very perceptive comment! What you're describing is called price discrimination and it is related to consumer surplus. If you'd like to learn more, start here: mru.org/courses/principles-economics-microeconomics/price-discrimination-examples-airlines-arbitrage The video after that one then gets into the relation with consumer surplus. Best, Roman

[@cherylm2C6671]

​@@MarginalRevolutionUniversity Thank you for that link to the series. I have to view that again-but it makes sense to me- where was this 20 years ago?!. I have long held that manufacturers and wholesalers have more stake in dollar stores or other Unit-Currency shops- than the conventional market. Sometimes classified as thrift stores, dollar stores seem to actually increase sales on conventional supermarket shelves- the most expensive real estate in the world. It may very well work internationally. I think stores like Aldi use this perception well. By limiting 'impulse items' to specific aisles and eliminating brand conflict in the rest of the store, it offers a section that meets 80% of what shoppers perceive as 'groceries'. The impulse areas become perks that lend an appearance price discrimination to both groups of shoppers. Covid has created a population of shoppers that will pay a higher price yet for convenience shopping, which eliminates so much shrinkage that it is probably here to stay. Warehouses (and loyalty coupons) can now internalize BOS arbitrage and thrift and upsell goods much like the classes of an airline.

[@cherylm2C6671]

@@MarginalRevolutionUniversity Roman, Thank you for this resource!

[@thesupergamer43430]

the minecraft trailer song ahhahah

[@seansixsixsix]

Without giving some real world applications, this kind of tutorials are useless.

[@willgoydych4403]

You can click on the link on the end to get questions