SF Parking Meters
Dynamic pricing aligns supply and demand for curb space.
Synthesis
Surplus Calculator
Consumer Surplus
20
Producer Surplus
25
Total Surplus
45
Graph Workbench
Interactive surplus visualization · Open External
Organ Price Ceilings
Price controls create shortages in life-saving markets.
Canteen Littering
External costs show why private markets may overproduce waste.
🇮🇳 Indian Context Meme Break
Law of Demand
Price ↑ → Qd ↓ (Indian context: chai budget)
Supply Costs
Cost ↑ → Profit ↓ (Bhaiya negotiating margin)
Equilibrium
Where buyer and seller both say yes at ₹60
Consumer surplus measures buyer gain.
Producer surplus measures seller gain.
Equilibrium maximizes total surplus.
Efficiency ≠ equality.
Social planner maximizes welfare.
Price controls create shortages or surpluses.
Citations
- • Mankiw, N.G. Principles of Microeconomics.
- • OpenStax Economics 2e.
- • CORE Econ: The Economy.