Join Professor Matt Hill as he walks you through the classroom slides of Day 6: " Consumer and Producer Surplus" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: https://mru.io/wa0

Learning Objectives
Define consumer surplus and producer surplus at both the market and individual level.
Explain the concepts of consumer surplus and producer surplus in your own words, demonstrating understanding of how they reflect individual and market behaviors.
Apply the concepts of consumer and producer surplus to simple market scenarios to identify how changes in market conditions (like price or quantity) impact these surpluses.