Animated and verbal exploration of surplus in competitive markets. Graphical derivation of consumer, producer and labor surplus are all shown. Relationship between surplus and profit is explored. A simple version of the First Welfare Theorem is graphically illustrated.
This app contains 9 animated graphs with voice over that plays as graphs are drawn. Users can jump ahead to which ever graph or portion of graph is of interest.
Useful for any undergrad micro economics.
Developed in conjunction with Professor Thomas Nechyba for the Micro Economics curriculum, Department of Economics, Duke University, Durham, NC