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Re-upload- Consumer and Producer Surplus- Micro Topic 2.6 (Holiday Edition)

Duration: 05:05Views: 2.6KLikes: 93Date Created: May, 2022

Channel: Jacob Clifford

Category: Education

Tags: economicsecondeadweight lossmicrodwlconsumer surpluswelfaresupplydemand

Description: Welcome to ACDC Econ and my first holiday edition. In this video I explain consumer surplus, producer surplus, and deadweight loss. Make sure that you can see how each change when there is a change in the market.The consumer surplus at 0:59 in the video is $6000. ($8-$5) x 4000/2. It is a triangle! Notice that deadweight loss happens whenever the optimal quantity is not being produced. This also happens when there are taxes or externalities. By the way, my wife, Paula, was the one throwing snowballs at me. We had to do it in two takes and I think she enjoyed it way too much. Need help? Check out the Ultimate Review Packet. Get a FREE trial : ultimatereviewpacket.com I got the rock'n version of Deck the Halls here: youtube.com/watch?v=QF84X6kLrIA

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