I would rate this chapter a difficulty level of 1.5/3. Overall, the concept is easy to understand, but there are some parts where I had to look at more than once to fully grasp the idea.
The chapter begins with talking about the "willingness to pay"(maximum amount that a buyer will pay for a good) of consumers. We use this factor to measure consumer surplus. The graphs and charts for the consumer surplus are not difficult to remember, as it is straightforward. The surplus is the difference between a buyer's willingness to pay for a product and the price at which the product is sold. Total consumer surplus was something I had to look at a little bit more before I understood. The idea is that consumer surplus is relative to the buyer.
Producer Surplus is the next concept that they talk in the book. Overall, it has the same general structure as consumer surplus, except in the seller's perspective. Also, the consumer surplus is basically the cost for the seller. This portion I got without any confusion.
In the end, I got a better understanding of the deeper meaning of equilibrium price. It's basically "maximizing the sum of consumer and producer surplus."
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