Everything you need to know about EXTERNALITIES- Micro Unit 6
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- Опубликовано: 21 дек 2024
- Your teacher of professors is going to ask you to draw externalities, including the socially optimal quantity and deadweight loss. The might even require you to draw both types: a consumption externality and a production externality.
Here are three rules that will help you.
1. Consumption externalities always have two benefit curves (MSB and MPB). Production externalities have two cost curves (MSC and MPC).
2. Negative externalities always produce too much and positive externalities always produce too little.
3. Deadweight loss points left for negative externalities and right for positive externalities.
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I'm a freshman and my econ 200 final exam is today. I couldn't understand externalities until I saw this video. Your'e a life saver.
Thank you Mr Clifford, I just took a mock yesterday with this concept at work and I had ended up with a negative production graph instead of negative consumption one. I am studying for the AP solely through the Ultimate Review Packet and your videos. It's simply amazing that I can get 5 in the mocks with ease, the content is so efficiently and effectively put together. Thank you for this.
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Once again your ability to explain key concepts in an easy-to-understand
-but-still-economically-sound-way is so helpful for my teaching!!
I've been going over my teachers' lectures for weeks and it only took me 6 minutes to understand this!...you're a godsend! I now have hope of keeping my GPA!!!!
It makes Unit 6 even cleaer! Thanks Mr. Clifford!
I'm glad I could help
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Greeeat video, thank you so so much! I came here fearing the worse because I'm not really into Economics but had to attend it for my master's. I'm leaving super happy that I really understood the logic behind the graphs!
Wonderful teacher who explains the concepts in depth.
first person I've seen to explain this properly
Economic was very hard for me after I start following your tips it has become easier thank you so much Mr Clifford
For those who don't know.
Here is the definition of externality: is a cost or benefit of an economic activity experienced by an unrelated third party. The external cost or benefit is not reflected in the final cost or benefit of the good or service. The economist views it as inefficient for the market, and the issue is serious enough to lead it to failure.
The impact of the externality can be positive (production and consumption) or negative (production and consumption).
Thank you for this definition!
My final is next Fri and I am finding this very helpful thank you.
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Thanks Mr Clifford for the great video! At school, we learnt about "marginal cost", does marginal cost refer to "marginal social cost", "marginal private cost" or "marginal external cost"? Thank you!
I remembered you had a negative externalities song about a fish named finn, I used to listen to it on repeat before my second exam, can't seem to find it now though
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Very helpful video
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Hello Mr.Clifford! Are the new study guides for micro now on the ultimate review pack?
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Legend says that milk is still on his shelf
What is the meaning of the externalities??
Cost that is bore by others who are not part of original production
5:14 cigarettes should be cheaper?
mark cuban
I don't remember this when I took economics.
AP Micro changed their standards. This stuff is all stuff I have never seen. Then again, I only took macro, but still, this was something I’ve never seen when I read my textbook.
what a goat
Hello from Australia lol
your from perth modern year 11
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too fast