producer and consumer surplus

Producer surplus

Difference between price prepared to supply and price received - bottom triangle

Consumer surplus

Difference between rice consumers are willing to pay and what they actually pay. Top triangle

Increase in demand effect on producer surplus

Demand increases, as higher equilibrium price and quantity

Producer surplus increases- higher prices, producers earn more, more quantity sold, higher total revenue and profits

Increased demand in consumer surplus effect

Demand shifts right, so there is higher equilibrium pruce and quantity- consumers must buy surplus decreases as buyers pay more