Consumer and Producer Surplus

This video discusses the concepts of consumer surplus and producer surplus. Consumer surplus is the difference between the amount a consumer would be willing to pay for a good or service and the price that the consumer actually pays. Thus, if you would be willing to pay $40 for a pair of gloves but the actual price you pay for the gloves is $30, you have $10 of consumer surplus.
Producer surplus is the difference between the price a producer receives for a good or service and the producer's cost of producing that good or service. Thus, if it cost $5 to produce a pair of gloves and the producer receives $30 for the gloves, the producer has $25 of producer surplus.
The sum of the consumer surplus and producer surplus is the total surplus or social surplus of the economy. It is the benefit to consumers and producers of participating in the market.-
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[@kasiasitk2040]

Thanks for the video! So simple to understand what are the consumer surplus and producer surplus

[@lozoftherings6976]

Thanks for explaining this in easy terms - helped my studies SO much!

[@haroldnickolas4638]

I guess im asking the wrong place but does anybody know a method to log back into an instagram account??
I stupidly forgot my account password. I love any tips you can give me!

[@murtazaarif2843]

thankyou so much for explaining it so good

[@ganeshshahsolti]

Great explanation ❤️❤️❤️❤️❤️

[@swarnar7644]

Great video sir 😊