Principles of Micro, Deeper Look at the Demand Curve Practice Questions: Please Review
In the video, consumer surplus is correctly discussed with respect to the price of a particular commodity.
However, I find the practice questions rather odd in the context of a microeconomics course. (Or am I wrong?)
In the second question, TWO DIFFERENT commodities are compared. One is the price of the surgery, and the other is the price of arch supports. The difference is supposedly the consumer surplus. I find this odd.
If this is correct, then how should we interpret the axes? What is the commodity whose P is given on the y-axis? And what is the Q along the x-axis?
The third and fourth questions are mere arithmetic calculations, and do not pertain to the economics CONCEPT discussed in the video.
The last question again, I feel, is odd. What is 'demand for speed'? If Q on the x-axis is speed, what is the price plotted on the y-axis?