This Consumer and Producer Surplus video also includes:
What are the implications when consumers are willing to pay more for something than what they actually end up paying? Similarly, what happens when producers sell for more than they expect? Here is a video where an economics instructor explains consumer and producer surplus and illustrates the concept using a supply and demand graph.
- Class members should have strong foundational knowledge of supply and demand curves
- Includes additional portion discussing what happens when a price ceiling is implemented
- Useful reference for both enhancing your own instruction and to administer to learners as a flipped classroom resource