OCR Alevel Economics topic 2.4 consumer and producer surplus

look in school book 1 for a better explanation <3

what is consumer surplus?

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. It represents the benefit to consumers from purchasing a product at a lower price than their maximum willingness to pay.

where do we find consumer surplus

above the price line and below the demand curve

what is producer surplus?

Producer surplus is the difference between the price at which producers are willing to sell a good or service and the actual price they receive. It represents the extra benefit to producers for selling at a higher price than the minimum they would accept.

where do we find producer surplus?

above the price line and below the supply curve