Let's calculate consumer and producer surplus when we are given equations for supply and demand. Algebra time!

Concept #1: Quantitative Analysis of Consumer and Producer Surplus

Practice: The supply and demand curves for a product are as follows. What is consumer surplus in this market? 

QD = 15 - 2P
QS = -15 + P

Practice: The supply and demand curves for a product are as follows. What is producer surplus in this market?

QD = 15 - 2P
QS = -15 + P