In this lesson on Consumer and Producer Surplus, you will learn how to find the equilibrium quantity and price given supply and demand curves, and how to compute consumer surplus, producer surplus, and total social gain at the equilibrium quantity and price. Consumer and producer surplus represent areas under the demand and supply curves, respectively, while total social gain is the sum of both areas. You will also learn how to use the calculator to perform integration and subtraction to obtain the solutions.
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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