Chapter 7: Consumer Surplus, Producer Surplus and the Efficiency of Markets - Part 1

What is a free market? 0:55
How do economists measure value? 6:51
Consumer Surplus 9:07
How consumer surplus changes when price changes 33:17
Producer Surplus 40:06
How producer surplus changes when price changes 50:23

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[jeffreylaryea]

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[clipadda]

What is the reservation price in consumer and producer surplus curve

[nosaibaahmed]

In which chapter did you talk about Utility?
Another question.. In which chapter did you talk about Cost, Production, and Consumer Theory?
Thank you in advance!

[nikhilshah]

how could the price be reduced in an auction?