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Applications of Integrals: Economics: Consumer Surplus

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First published at 17:45 UTC on March 19th, 2019.

#mathematics
#calculus
#economics

Math Easy Solutions

MES

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In this video I show how we can apply the concept of integrals and integrations to economics by going over the concept of Consumer Surplus. In economics the consumer surplus is the amount of money that consumers would save in purchasing a product or commodity that is currently priced below what each person individually values the product. For example if you value a TV at $1000 but the price is $600 then you would have a savings of $400. Summing these savings up for all the different type of consumers that value the TV higher than it is worth gives the total Consumer Surplus. Visually the consumer surplus is represented by the area under the demand curve graph and above the current selling price of the product. Note that the demand curve is the price per unit vs. number of units expected to sell.

Download the notes in my video: https://onedrive.live.com/redir?resid=88862EF47BCAF6CD!104746&authkey=!ANkQYGynpe5iCtI&ithint=file%2cpdf
View Video Notes on Steemit: https://steemit.com/mathematics/@mes/applications-of-integrals-economics-consumer-surplus

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