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...