The Synthesis of "willingness to pay"

Discover consumer surplus: the economic measure of a consumer's benefit, calculated by the difference between what they are willing to pay and what they pay.

Explore economic utility, the concept of satisfaction from goods or services, and how it drives consumer behavior and market decisions.

Learn about economic elasticity, which measures how sensitive demand or supply is to changes in price. A key concept for business and policy.

Discover Loss Aversion, the cognitive bias where the pain of losing is twice as powerful as the pleasure of gaining. Learn how it impacts decisions.