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Consumer and Producer Surpluses. Unit Four, Lesson Four Cook Economics. Consumer and Producer Surpluses. Demand is a measure of how much a consumer is willing and able to buy of a product at every price.

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consumer and producer surpluses

Consumer and Producer Surpluses

Unit Four, Lesson Four

CookEconomics

consumer and producer surpluses1
Consumer and Producer Surpluses
  • Demand is a measure of how much a consumer is willing and able to buy of a product at every price.
  • Sometimes you may get a product for less than you would have been willing to pay and the market price.
  • Consumer surplus—difference between what people are willing to pay and the market price.
producer surplus
Producer Surplus
  • The same works for producers. They are often willing to sell an item for a price lower than what they end up receiving.
  • Producer surplus—difference between the market price which producers receive for their product and the price at which they are willing to sell their good
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