Surplus:
Consumer surplus: the money the consumer saved up in the graph
Producer surplus: the money the producer gained by selling the product for more than they were willing to
Deadweight loss (DWL): unnecessarily lost total surplus by selling at a certain price
Equlibirium:
equate Qs and Qd to find equilibirium price then eq Qd to use for the graph
ex:
Qd 2p + 10
Qs 4p - 2
make the two equal and get what p is equal to (price)
then subsitute p in the og equation for one of the two to find the Q (Quantity)