I Bellwork- Page 499 Figure 50.1 – SHOW YOUR WORK
- Calculate the consumer surplus in the demand curve as it intersects the vertical axis at $50
- Calculate the producer surplus in the supply curve as it intersects the vertical axis at $15
- Calculate the total surplus
II. Objectives:
- Calculate using data from a graph total consumer and producer surplus by applying the triangle area formula.
- Explain and demonstrate the impact of price ceiling and price floors and consumer and producer surpluses
- Construct economic models to represent consumer and producer surplus
III. Review Classwork
- Pages 496-497 (1-2) & (1-5)
IV. Classwork
- 2.6 Consumer and Producer Surplus
- AP Classroom 2.6 Surplus Questions
- Price Ceiling and Price Floors