@LaToyaStyle it should work to calculate the difference between the cost for each cup for each firm (assuming costs are lower than the price) and then add them up to get total producer surplus. This is what is going on mathematically behind the scenes of calculating the area of the triangle.
Basically producers need a certain amount of money to produce, for example if they needed $5 to cover costs before they would start producing then the supply curve would intersect at a price of 5 rather than 0.
Okay i have a problem. its a table of 3 coffee shops. and 7 cups of coffee per day.each cofee shop has 7 different values. for the cups. if the price is 1. 75 how many total cups will the supplied and how much total producer surplus will be earned by coffee shops. I dont know how to go about this?
10 years later and this is the best explanation I saw, thank you very much❤❤
You make this so simple. Thanks a lot!
bless your heart you saved my life
Thank you so much for uploading these videos. They are very clear and easy to understand.
@LaToyaStyle it should work to calculate the difference between the cost for each cup for each firm (assuming costs are lower than the price) and then add them up to get total producer surplus. This is what is going on mathematically behind the scenes of calculating the area of the triangle.
RUclips has always had my back when i forget how to do stuff.
What happens when the supply curve is vertical ?
My deepest thanks
Thank you!
How about consumer surplus? show one example of it. Thank you
is that 50 in terms of the $$ cost or the quanity?
Thank you so much!
In some notes the supply curve is not start from origin pls explain
Basically producers need a certain amount of money to produce, for example if they needed $5 to cover costs before they would start producing then the supply curve would intersect at a price of 5 rather than 0.
at 2:50, you mean area of rectangle? sorry just wanna clarify :)
Thank again man!
Okay i have a problem. its a table of 3 coffee shops. and 7 cups of coffee per day.each cofee shop has 7 different values. for the cups.
if the price is 1. 75 how many total cups will the supplied and how much total producer surplus will be earned by coffee shops.
I dont know how to go about this?
I might be late but would you still like to know?
excellant
Thank you😊
we calculate consumer surplus and producer surplus in a different way!
As long as it is correct!
Your next video blocks your equation... can't see what you do at the end
I love you
👍
good video! the mouth noises though...