Grade Booster student workshops are back in cinemas for 2022. Learn more

Economics

Student Videos

Understanding Consumer Surplus

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Consumer surplus is a measure of the economic welfare that people gain from consuming goods and services.

Understanding Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (shown by the demand curve) and the total amount they actually do pay (i.e. the market price).

Consumer surplus is indicated by the area under the demand curve and above the market price.

Boston House,
214 High Street,
Boston Spa,
West Yorkshire,
LS23 6AD

Tel: +44 0844 800 0085

© 2022 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.