Consumer and Producer Surplus

Consumer and Producer Surplus
  • Currently 4.0/5 Stars.
6437 views, 1 rating - 00:09:12
Taught by TheMathDude
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Be able to explain what consumer surplus, producer surplus, and social gain are in graphical terms given the supply and demand curves.
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  • How do you find the consumer surplus, the producer surplus, and the total social gain by computing integrals on a TI graphing calculator given a demand and supply function that are functions of the quantity?
  • How do you find the equilibrium quantity and price given supply and demand functions?
  • How do you find the equilibrium quantity and price for a situation using the Equation Solver on a TI graphing calculator?
This lesson explains the concept of finding where the equilibrium quantity and price are for a given situation if you know the supply and demand functions. You will also learn to use the skill of finding the area between curves to find the consumer surplus, producer surplus, and total social gain. A TI graphing calculator is used to do calculations in this lesson. A good real-world example problem is explained and solved in this lesson.
  • Currently 4.0/5 Stars.
Reviewed by MathVids Staff on July 25, 2010.
 
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