Principles of Economics: Microeconomics - What Is Consumer Surplus?

How to calculate consumer surplus using demand curves, and understand how it reflects the difference between willingness to pay and market price. Consumer surplus is the consumer's gain from exchange. It's the difference between the maximum price that the consumer is willing to pay for a given quantity, and the market price the consumer actually has to pay. Total consumer surplus is the sum of the consumer surplus of all buyers. --------------------------------------------------------------- Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8 Dictionary of Economics Course: http://bit.ly/2MXnCWw Additional practice questions: http://bit.ly/2woQ89g Ask a question about the video: http://bit.ly/2BVzfZK Help translate this video: http://bit.ly/2BT8THP