How to calculate Consumer Surplus and Total surplus with numbersWatch
From that i have calculated
How do i calculate consumer and total surplus
consumer suplus is the area underneath the demand curve but above the equilibrium price. This normally takes the form of triangles as the demand curves tend to be depcited as linear equations.
total surplus = consumer surplus + producer surplus.
producer surplus = area above the supply curve but below the equilibrium price (usually a triangle because of linear supply equations being used). If no supply curve is presented (or it is suggested to be linear), then this area is above the Q axis, below equilibrium price, and left of equilibrium quantity (i.e. a rectangle)