Consumer surplus and producer surplus are measured using the price applied. Consumer surplus is when a consumer pays a less amount than expected while producer surplus is when a product fetches more money that expected.

Deadweight loss reduces the amount of consumer and producer surplus.

Consumer surplus - the difference between what a consumer is willing to pay and what they actually pay. Aggregate consumer surplus measures consumer welfare. Producer surplus - the difference between what a producer is willing to sell their product for and what they actually receive. Aggregate producer surplus measures producer welfare

The total producer surplus is what is left after you subtract the total variable cost from the total revenue. It is the amount of all the producer surplus for each product sold.

Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases. Once the supply is decreased, consumer surplus will decrease. Producer surplus will decrease as well because neither is at the equillibrium. There will be a surplus leftover after the price increases.