net economic value from consumption or use of a good or service. It is the difference between the maximum that a person is willing to pay for the good or service rather than do without it, and what he/she actually spends. The adjective, “consumer” is misleading because this category of value also applies to non-consumptive uses ( e.g., observing salmon runs) and to non-use benefits ( e.g., protecting marine mammals from exploitation).
the difference between the price actually paid for a good, and the maximum amount that an individual is willing to pay for it. Thus, if a person is willing to pay up to $3 for something, but the market price is $1, then the consumer surplus for that item is $2. This measure approximates, and is bounded by, the more technically precise measures of economic benefit: compensating variation or equivalent variation.
The difference between the price a consumer would be willing to pay for a good or service and what that consumer actually has to pay. View Capstone Lesson(s) that address this concept
The maximum sum of money a consumer would be willing to pay to consume a given amount of a good, less the amount actually paid. It is represented graphically by the area between the demand curve and the price line in a diagram representing the consumer's demand for the good as a function of its price.
the difference between what a person is willing to pay for an additional unit of a good—the marginal benefit—and the market price of the good; for the market as a whole, it is the sum of all the individual consumer surpluses, or the area below the market demand curve and above the market price.
the difference between what the consumer is willing to pay for a unit of a good and the price that the consumer actually has to pay
(Hackett, 1998, chapter 3). When a buyer's willingness to pay value exceeds the price the buyer had to pay, that difference is known as consumer surplus.
The maximum amount that the consumer would pay for a particular good or service less the amount that he or she actually pays for it. Geometrically, it equals the area under the demand curve and above the price.
The marginal benefit from a good or service minus the price paid for it. (p. 135)
The difference between the value of a product to the consumer and the price paid for it.
Area under the demand curve and above the price, the value of consumption minus its cost at a given price.
Measure of consumer welfare defined as the excess of valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price.
the difference between what a person would be willing to pay and what he actually has to pay to buy a certain amount of a good
Consumer surplus is the value that the consumer gets from each unit of a good minus the price paid for it.
Savings to existing consumers arising from the difference between what they are willing to pay for an output and what they will be charged with the project. Consumer surplus can arise when expanded supply is associated with a fall in price. It can also arise when the output price is regulated by government and set below the demand price.
The difference between "willingness to pay" and market price for each customer segment; it represents the "extra value" that each segment derives.
Consumer surplus or Consumer's surplus (or in the plural Consumers' surplus) is the difference between the price consumers are willing to pay (or reservation price) and the actual price. If someone is willing to pay more than the actual price, their benefit in a transaction is how much they saved when they didn't pay that price. For example, a person is willing to pay a tremendous amount for water since he needs it to survive, however since there are competing suppliers of water he is able to purchase it for less than he is willing to pay.
