How to calculate Consumer Surplus without a graph

This video goes over the process of how to find the consumer surplus in a problem if you are not given the graph. Generally you only need to know the WTP (willingness to pay) and the price paid, and this video goes over this example which should help you with the homework and exams that require you to find consumer surplus.
More information and examples can be found at:
www.freeeconhe...

[@loganberthelot2959]

Is there a formula to find producer surplus without a graph? Thanks.

[@grgn7786]

What do I do if I have only a demand equation Q=120-2P and a given price of 6. What I am suppose to do to calculate the consumer surplus? There is no information about equilibrium price, willingness to pay and nothing is said about supply.

[@gabriellathomas3858]

how do I answer a question that asks what is the surplus when the price is $105 Demand is 25000 and supply is 75000

[@kx85lover]

bless

[@222roses7]

Let's say my demand equation is P = 110 - Q and supply equation is P = 10+Q, market equilibrium price = 60$, qty is 50 units. Why is my consumer surplus and producer surplus 1250$? I know that 50x50=2500/2=1250, but I don't really understand it. Will it always be my equilibrium qty X equilibrium qty /2?
Thanks so much!

[@FreeEconHelp]

Not really, you need to find the area of the triangles, the equilibrium qty X price is PS, while the equilibrium qty X (max price - price) is your CS.

[@FreeEconHelp]

Forgot the divide by 2 (because it is a triangle)

[@maryday8539]

off topic but you sound like ferris bueller

[@danaelona4081]

So,if i am not using the qraph (of if there is no quantity involved) then i dont have to divide by (1/2)?? Bc in my problem there is no quantities. It is just one bracelet that a person paid for, for 20 dollars, but she valued it at $30. Would i have to use divide by (1/2) to find the total consumer surplus?? Or just subtract??

[@FreeEconHelp]

No, just subtract. Think of it was WTP (willingness to pay) minus actual price paid. Similar to your case... valued at $60 but paid $40 would be 60-40=20, for a consumer surplus of 20 (think of it as a bonus, amount saved, or extra income if that helps).

[@danaelona4081]

@@FreeEconHelp oh okay. Thanks. I also have a question about price ceilings. If a binding price ceiling on loaves of bread happens then what is the long term effect of the demand and supply of bread elasticity would it create a larger shortage overtime or a smaller shortage.??