![]() On the other hand, producer surplus means the price difference that is there between the lowest cost to supply the market and the actual price which the consumers are willing to pay. ![]() ![]() So, consumer surplus refers to the monetary gain that is enjoyed when a purchaser buys a product for a lesser value than they normally were willing to pay. While we discuss the consumer and producer surplus, it is very much important that we also understand some basic concepts that are used by economists to explain the interrelationship between the two.īoth the consumers and producer surplus can be graphically illustrated by either the demand curve or the marginal benefit curve and a supply curve or the marginal cost curve. In the above diagram, graphically, consumer surplus is being measured by the area of a triangle that gets formed below a demand curve (shaded in red color) and above the market price (P1).įurther, we will talk about it in detail in the Consumer Surplus formula. Here, we are going to provide insights on “What is Consumer Surplus?”, the method of calculating the surplus, and other important elements of the topic will be discussed.Ĭonsumers' surplus is a tool for measuring the consumer’s welfare and this surplus is defined as the excess of the social valuation of a product that goes over the price that is being actually paid. Consumer Surplus is an important study in the subject of Economics. In an economy, a consumer surplus takes place when the consumer is willing to pay more for a product than its market price. We can create a spring configuration class and register Kafka beans with the required configurations.Consumer Surplus or Buyer’s Surplus is an economic measurement of the customer’s excess benefit. This is helpful when we have different objects as values, that can be converted into JSON formatted string before produced by Kafka producer. We have used the StringSerializer class of the Kafka library. -serializer: Kafka producer value serializer class.-serializer: Kafka producer key serializer class.-servers: List of Kafka servers along with the port.serializer=.serialization.StringSerializer We can set up the Kafka producer configuration by adding the following configuration properties. By adding the Kafka configuration properties inside the application.properties file of our spring boot application or by creating a configuration class to override the required default Kafka configurations. We can configure Kafka configuration in two ways. The next step is to set up the Kafka configurations in our spring boot application. ![]() The pom.xml file with all the dependencies is shown below. The below image shows the required dependencies added while creating the spring boot application.Īlso, add the gson dependency by adding the maven dependency into the spring boot application’s pom.xml file. We need to add spring-boot-starter-web, spring-kafka, and lombok(optional, just to reduce boilerplate code) dependencies. Conclusion Create Spring Boot Kafka Producer applicationĬreate a spring boot application with required dependencies.Setting up Kafka consumer configuration.Create Spring boot Kafka consumer application.Setting up Kafka producer configuration.Create Spring Boot Kafka Producer application.In this article, we will learn how to create a Kafka topic producer and how to create a consumer to consume the topic using the spring boot. In the previous article, we learned how to set up Apache Kafka on the Windows system.
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