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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[@karumotoart5040]

Mr Willis I watched a couple of your videos before my final including this one and I remember there was a rather tricky question to which I didn't know the answer. Luckily, I really understood how the diagram works from your videos and I used those diagrams/models to test out the scenario given in the question and come up with an answer. I did this for a couple of questions and I can't believe I got all of those right. You sir, are raising the next generation of thinkers.( also lowkey please teach at my college)

[@victorudu.1713]

waoo I never knew its this easy to understand.. i was total confused during the lecture in class.. thanks in a million for helping me.

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[@ssncns]

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Good explanation though the speed is too much on calculation s

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