As part of my ongoing effort to make this blog as useful as possible to teachers of economics, I have decided from time to time to post short tutorials on economic concepts that I find useful in explaining current policy issues.
My first post in this series is a short tutorial on consumer and producer surplus. I have used these concepts in my recent post dealing with initiatives toward trade liberalization and the proposed US-Korea Free Trade Agreement. If you use the trade liberalization slide show in your classes, you may want to preface it with the tutorial, or assign the tutorial to your students as background.
You might also find the consumer and producer surplus tutorial to be useful in conjunction with some past posts on this site, including The Economics of a Soda Tax and The Gulf Oil Spill and the Myth of Affordable Energy.