00:01
This question is asking us what kind of term would an economist pick when a shopper get a good deal on a product? so what does a good deal mean? naively, a good deal means that, okay, so the original price is 100 bucks, but you got some good deal.
00:23
What does this mean? okay, you pay half the price, so you got the same product with lower price.
00:28
So that is a good deal.
00:32
So the good deal in terms of in the economy world is a consumer surplus.
00:37
Why? so back to the definition of consumer surplus, the amount of individuals would have been willing to pay, meaning minus the amount they actually paid.
00:52
So there are some deficits between the prices they are willing to pay and the price they are actually paying.
00:58
So it's kind of ambiguous, but if we put our eye on the picture and on the diagram, can see on this picture...