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Micro: Unit 1.6 -- Consumer Surplus, Producer Surplus, and Deadweight Loss

Hey Everyone! I'm Mr. Willis, and You Will Love Economics! In this video, I will: - Define consumer surplus, producer surplus, the buyer's maximum price, and the seller's minimum price - Identify the areas of consumer surplus and producer surplus on a graph - Explain how changes in market price and quantity will impact consumer surplus and producer surplus in the market - Practice calculating consumer surplus using several sets of equilibrium prices - Define deadweight loss and explain how the presence of deadweight loss implies that a market is allocatively inefficient - Identify the area of deadweight loss on a graph - Practice calculating deadweight loss using several sets of equilibrium prices - Demonstrate how government intervention will impact consumer surplus, producer surplus, and deadweight loss in a market Are you looking to teach this topic in your class? We have designed an activity to fit perfectly with this video: https://www.teacherspayteachers.com/P... Follow our store on Teachers Pay Teachers https://www.teacherspayteachers.com/S... Look for us on Social Media: Instagram --   / youwillloveh.  . Facebook --   / youwilllovehi.  . Subscribe to our YouTube Channel:    / youwillloveeconomics   Check out our website for teaching tips and insight from us- https://sites.google.com/view/you-wil...