What is Consumer Surplus? What is Producer Surplus? Where is Consumer & Producer Surplus on a Graph?

Welcome back to Tierney #Education! Today, we're exploring two fundamental concepts in #microeconomics: consumer surplus and producer surplus—and how they appear on a standard supply and demand graph.

📊 What’s This Video About?
This tutorial provides a clear, theory-based introduction to consumer surplus and producer surplus without any numerical calculations. We define each concept and illustrate their areas at equilibrium on a simple supply and demand graph.

🔍 What Will You Learn?
▶️ Consumer Surplus: Understand how it represents the benefit consumers receive when they pay less than their maximum willingness to pay.
▶️ Producer Surplus: Learn how it captures the benefit producers gain when they sell at a price higher than their minimum acceptable price.
▶️ Graphical Representation: See how both surpluses are visually identified in the equilibrium market condition using a supply and demand graph.

This video is ideal for economics students or anyone looking to strengthen their understanding of market efficiency and economic welfare in microeconomic theory.

🎓 About Me:
At Tierney Education, we simplify complex economic concepts to help students succeed. Whether you're new to microeconomics or reinforcing your knowledge, our videos are designed to make learning accessible and engaging.

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