Lecture-07 Introduction to Demand & Supply

[@rajeshkuthrapalli8172]

Demand supply and market equilibrium
1 demand how many unit of good buyer are willing to purchase at particular price
2 supply
3 market equilibrium
4 consumer and producer surpluses 5
Application of demand and supply - effect of taxation and price control

[@jyothikajames4214]

does the producer surplus mean the profit?

[@bakasur3618]

Yes

[@zebaali2529]

Sir if i am willing to pay 10 rs while the price of apple if 6 rs, means 4 rupees that i paid extra is going into the seller's pocket, so why is it called consumer's surplus?

[@VimalKumar-kp9fs]

Zeba, you are willing to pay (up to) 10 rs. The price of an apple is 6 rs only. Hence, you paid only 6 rs. 4 rs that is 10-6 is a gain for you. Hence, it is a surplus for the consumer.

[@harry_0224]

It's also about the satisfaction and perceived value gained from the purchase, not just the monetary amount spent.

[@MukeshSharmaFEA]

sir which book i refer for this course

[@VimalKumar-kp9fs]

I have not followed any particular book. You can follow Varian’s Intermediate Microeconomics and R Preston Mcafee’s Introduction to Economic Analysis.

[@lavisharma2392]

Thnq very much sir

[@vamshi781]

Thank you sir

[@ushamishra9249]

Thanks sir

[@amangoyal5803]

sirs 1.75x is 1x of our ma'am

[@bhaveshlalwani5013]

audio is in this video is low.

[@sunandify]

Thank you sir