Thanks for watching, I hope you found it helpful! As always, please feel free to leave any questions below and I will do my best to address them. I appreciate the "thank you!"s, LIKES, and subscribes. It motivates me to keep making new content. Good luck with exams and class!!!
@nitrousflash59 Total revenue is calculated by multiplying Price * Quantity. Or P*Q = revenue. So if price was 5, and quantity was 5, total revenue would be 25. Note that total revenue is not the same as producer surplus.
@nitrousflash59 Depends what "midpoint" means. With your problem the max demanded would be 16 (if P=0), and the min is 0, so the midpoint here would be 8 quantity (with a price of 4). This would mean revenue is Q*P or 8*4. Again, this depends on what your instructor means by "midpoint"
@marryson123 I don't think there is a difference between "consumer surplus" and "total consumer surplus". You may be referring to consumer surplus for everyone (which is the area of the triangle) vs. an individual's consumer surplus which is the difference between one point on the demand curve and the price. However, there is a big difference between "total surplus" and "consumer surplus".
Quasimodo from your workbook has the utility function U (x, m) = 100x-(x^2)/2 +m where x is his consumption of earplugs and m is money left over to spend on other stuff . If he has $10,000 to spend on earplugs and other stuff , and if the price of earplugs rises from $50 to 65, then his net consumer's surplus: falls by 637.50. How did we find that it falls by 637.50? thank you
how about a type of question that doesnt give you the price ? for example, Water has the following demand function Qd = 200-P and a supply curve given by the following Qs=100. What is the value of consumer surplus at the market equilibrium?
Hi, Thanks for the vidéo! I have a question though: why do you consider that WTP is the point where the demand curve intersects the y-axis? How can you have a consumer surplus on a point where demand is zero?
I found that using different method would result in a different consumer surplus. Using the data give in the video, the consumer surplus would be 5x(10-5)/2=$12.5 but if I add it in this way: (9-5)+(8-5)+(7-5)+(6-5)+(5-5)=10 same answer but diffrent way: (9+8+7+6+5)-(5x5)=$10 it confuses me a lot because my textbook uses the method which result in a diffrent answer with the area of triangle. Thx a lot if anyone read this comment and help solve my problem.
I really need help with this question Q = 20 - .5P If the price is £18. How do I work the consumer surplus. I kept getting £11 as I substituted £18 into the equation. However the answer written is £121. How do I get £121?
Unfortunately you have to have max WTP. Maybe you were given a demand function like Qd=500-2P. In this case solve for P and the intercept gives you max WTP (eg. P = 250 -1/2Qd) the max WTP is 250.
@@FreeEconHelp unfortunately, my prof says there is another way to do it without finding max WTP... no demand function was given... just a graph with an original equilibrium point (and its respective values) as well as a new equilibrium point (with its respective values). is there a standard demand equation i could use to plug in the numbers? If so, what numbers do I plug in where?
Thanks for watching, I hope you found it helpful! As always, please feel free to leave any questions below and I will do my best to address them.
I appreciate the "thank you!"s, LIKES, and subscribes. It motivates me to keep making new content.
Good luck with exams and class!!!
How did you know what equilibrium quantity was five??
As an exhausted collage student whos studying at 4 am in the morning, Bless your heart...
ifeel you bro
fuk. same lol
2:44 am here right now
lol 3:40am for me right now, I really should have started earlier
FUck you aaron
You're still helping students 9 years later. Thank you!
11*
12*@@hunter7995
didn't know chris from family guy was so good at economics
im dead
Usually old RUclipss videos don't help but I'm watching this in 2021 very helpful
thank you! I've been struggling with this so much and your video is the only one I've understood
Thank you for taking the time and posting! It was VERY helpful :)
how do i find the price height if its not given? same with base if its not given?
why do professor go over all the word stuff but never show exampled as simple as this in class ! thanks so much I got my midterm in two days
You're an absolute beauty for making this video. Thanks a lot
@nitrousflash59 Total revenue is calculated by multiplying Price * Quantity. Or P*Q = revenue. So if price was 5, and quantity was 5, total revenue would be 25. Note that total revenue is not the same as producer surplus.
I have a crush on your voice. thanks for helping me pass my exam
Thanks bud, you help me out on a problem I am studying for a test.
I like how chill u are with your handwriting.. And that 'r' of yours 🔥
that helped me out a lot for my next exam. thousand thanks :)
@nitrousflash59 Depends what "midpoint" means. With your problem the max demanded would be 16 (if P=0), and the min is 0, so the midpoint here would be 8 quantity (with a price of 4). This would mean revenue is Q*P or 8*4. Again, this depends on what your instructor means by "midpoint"
thanks much easier than what my no-swag professor tried to explain it
very straight forward thx
Thank god for this video. I have a quiz soon over this.
Thank you the lesson is so helpful. i have learnt a lot what i havent known
Awesome! Good luck in class.
Great until the end when your logo covered the equation. Really good though! Thanks.
Sorry about that, it's been updated. Good luck with class!
you just made everything clear , thank you!
Thank you! You made it a lot easier!
Thank you for the good explanation.
@marryson123 I don't think there is a difference between "consumer surplus" and "total consumer surplus". You may be referring to consumer surplus for everyone (which is the area of the triangle) vs. an individual's consumer surplus which is the difference between one point on the demand curve and the price.
However, there is a big difference between "total surplus" and "consumer surplus".
i cant find how to solve consumer surplus given quantity demanded and market price imma get analed tmr and fail this course again
Bro they got me out here doing this shit in highschool. I’m ab to not graduate bc of how hard this class is
@@jaredmiller5883 lmfao same
Thanks! Easy and simple explanation.
Quasimodo from your workbook has the utility function U (x, m) = 100x-(x^2)/2 +m where x is his consumption of earplugs and m is money left over to spend on other stuff . If he has $10,000 to spend on earplugs and other stuff , and if the price of earplugs rises from $50 to 65, then his net consumer's surplus:
falls by 637.50.
How did we find that it falls by 637.50?
thank you
guessing you didn't finish the education
Thanks for helping me understand!!!❤️❤️
Thanks for the help! This guy sounds exactly like Blake from Workaholics
Thank you so much!!
Thank you very much....My stupid book didn't say this and my teachers beyond worthless since its an online class.
Thank you this is very helpful
@FreeEconHelp Thanks, but the question I was given, it says assuming supply crosses demand at the midpoint, no set price was given.
dude you really saved my ass
Amazing explanation, thanks!
Thank you. Much easier to comprehend now!
how about a type of question that doesnt give you the price ? for example, Water has the following demand function Qd = 200-P and a supply curve given by the following Qs=100. What is the value of consumer surplus at the market equilibrium?
thank u!!! ur videos r a God send!!!
Very good
So if we increase demand we increase con surp?
THANK YOUUUU
Thanks this really helped.
i find this to be confusing, with out doing the math i can already tell its 5 but when i do it like you do i get 300 which isnt the answer at all
you are a life saver.
c. How could the producer of commodity X extract the entire consumer surplus from this consumer?
+rodayna gebril Price descrimination
not understand how you determine the upper limit from a demand function
life saver!
just saved my ass dude thanks
I have a question, given Q = 16-2P, at the equilibrium, how would you find the total revenue? Thanks if you can help, if not, thanks anyways.
Thank you
fantastic
What if WTP is $400, Equilibrium P was $200 and tax $100. For that Quantity with levied tax equal is 50. So according to formula CS is 2500?
Thank you so much for this!!
Hi,
Thanks for the vidéo!
I have a question though: why do you consider that WTP is the point where the demand curve intersects the y-axis? How can you have a consumer surplus on a point where demand is zero?
Thank you its great
UR THE GOAT
Thank you, you rock.
if government fixed the price of any goods then there is producer surplus or consumer surplus. give reson plz
Thank you for this
my problem is D(q)=2000/(2q+5)^2 and q=5. How do you do that?
I found that using different method would result in a different consumer surplus.
Using the data give in the video, the consumer surplus would be 5x(10-5)/2=$12.5
but if I add it in this way: (9-5)+(8-5)+(7-5)+(6-5)+(5-5)=10
same answer but diffrent way: (9+8+7+6+5)-(5x5)=$10
it confuses me a lot because my textbook uses the method which result in a diffrent answer with the area of triangle.
Thx a lot if anyone read this comment and help solve my problem.
This is probably a stupid question, but how do I find the height of the CS triangle?
Travis Plank Difference between the demand intercept and market price.
can I use this calculation for "TOTAL" consumer surplus?
very herlpful
I really need help with this question
Q = 20 - .5P
If the price is £18.
How do I work the consumer surplus. I kept getting £11 as I substituted £18 into the equation. However the answer written is £121. How do I get £121?
zainzafar08 use integration
@HomieFilms Glad it helped
How to i apply Consumer Surplus on my life ? What benefit from it ?
hey man nice movie
You literally have the exact same hand writing as me
Too good
has anyone ever told you that your voice sound like the Broadway star Andrew Rannels?
How do I find the consumer surplus WITHOUT knowing the maximum willingness to pay? Like how do I find the height of that triangle...
Unfortunately you have to have max WTP. Maybe you were given a demand function like Qd=500-2P. In this case solve for P and the intercept gives you max WTP (eg. P = 250 -1/2Qd) the max WTP is 250.
@@FreeEconHelp unfortunately, my prof says there is another way to do it without finding max WTP... no demand function was given... just a graph with an original equilibrium point (and its respective values) as well as a new equilibrium point (with its respective values). is there a standard demand equation i could use to plug in the numbers? If so, what numbers do I plug in where?
great thanks!
helped a lot♦
What happens if the demand curve is non linear?
edgar hernandez Integrals!
Thnx
super
thanks!
how do you get the 10 on the graph if its not given??
Mary Nicola Solve P (or Q) for when Q (or P) is equal to zero, which represents the intercept along either axis.
Thank you!
man said movie
i love u
OMG ITS HEIGHT, NOT HEIGH"TH"
otherwise, thank you, appreciate the help.
+Hannah Miller You are right. Again, I have made it apparent that I study Econ and not English...
You're trying. I respect that.
i still don’t get it! LMAOOOOOO
It's pronounced HEIGHT, not "HEIGTH"!!! Stop adding a "-th" sound to the end of it.
you are an idiot!! Is this an english class?? or are you so stupid that you can't that they mean the same thing.
Content, you moron... CONTENT...
Took you long enough to come up with this. Don't try to justify your stupidity! How does that matter in this lecture?
I was referring to the guy above, not you. But thank you for the insult
God I hate economic esp learning it online with shitty Pearson. Sorry just wanted to rant.