Wooow, i missed two whole months of class, i was completly lost in economics,, after watching your videos i understand better than my classmates, they are even surprised ! Thank you !
Just a quick note to anyone watching, the waste he describes is called a dead weight loss. This dead weight lost would also occur if buyers/consumers were not buying and selling goods below the equilibrium price
Omg, how are your videos so good? I searched all the paid course sites and found nothing decent apart from an overview to the Austrian school. But you just provide such a great comprehensive introduction for free! Thank you so much!
Thank you for your video!! After 6 months of studying, tutorials, books ... I even thought I was stupid, it literally took me 4m of your video to fully understand!!
I'm new into knowing a little bit of economics, and I recently read Misbehaving by Richard H. Thaler, which talks about behavioral economics and how this "invisible hand" concept that gets the market back into equilibrium is flawed, because it doesn't account for consumers' lack of basic economic know how/shopping around for the best deal. I'm new to the channel, so far i like it but this video does feel a little outdated, it will be nice to see an updated version that takes peoples choices into account.
Thank you thank you thank you!!! I’ve been struggling in economics especially with the equations and I’m so thankful to have found this channel. Seriously thanks!
I am in my first week of my postgraduate study, we just finished one lecture about economics on Monday and I have a homework need to submit tomorrow but I know nothing about economics before !Thank you so much for saving my life!
I'm a young student and i found your lesson very brilliant! But i have a question: does it exist a point where the surplus of consumer and surplus of producer reaches 0 as a value? When does it happen?
Thanks for your useful video. I just didn't understand what was the meaning of Adam Smith's "Invisible hand"! I appreciate if you can explain the simple meaning of this special metaphor.
Thanks for your videos, but I have one misunderstanding about this one-- why more valuable oil are wasted by making rubber duckies when the quantity beyond equilibrium quantity. Thank you!
Rubber duckies may not be the best example. But essentially you're taking oil that took $50 to extract and turning into products that are worth $30. $20 of value was lost/destroyed.
***TEACHER RESOURCES*** Supply and Demand 5-day HS unit plan: mru.io/few Assessment questions: mru.io/principles-52be0 More high school teacher resources: mru.io/high-school-885cb More professor resources: mru.io/university-teaching-39996 ***CONTINUE LEARNING*** Next video-A Deeper Look at the Demand Curve: mru.io/demand-9fe6d Practice questions: mru.io/equilibrium-price-db048 Full Microeconomics course: mru.io/rqj
I didn't understand part at 1:44 . Why does the supply has to decrease when sellers sell their products at lower price. They will still have marginal benefit when they sell same or more about of goods.
Well the demand is at $50 so the sellers who sells at that price can only make money considering that the production cost is lower than that price. The seller who don't decrease their price won't get to sell their product.
The demand isn't exactly at $50, buyers always want to pay less so they are not going to pay more. At $50 they are somewhat satisfied fied with the price.
Also similarly sellers also want to profit more so they want to sell at higher prices, below $50 they are not willing to sell their goods. If they do not sell their goods no one will get to buy their good, people who have money and need the good badly are going to pay more. As sellers were willing to sell at $50 this buyers are willing to pay $50 thus the equilibrium.
this feels like it is not always true here in america things like drug prices are extremely high but the cost of production is insanely low you can create artificial prices by increasing the price of drugs then lowing it slightly but still having it be insanely high and because its something people need, demand will still shift to being profitable.
Interesting note: after working in Auto Parts for 15 years, I wanted to point out that the price of gasoline does fluctuate, however, quarts/bottles of oil never go back down...they always increase in price. I always that that was pretty messed up.
well, at the end you refer to Adam Smith and the invisivble hand. In his book "The wealth of nations" he mentions the invisible hand only in another context, explaining why the free movement of capital can not be expected, since the hand in question would stop capitalists from taking risks in very foreign environments! Check it out! Does he use it in the mostly assumed way in another context somewhere? Not to my knowledge.
Equilibrium Quantity demanded = quantity supplied Buyers vs buyers High buy value win Sellers vs seller Lowest cost sell win Surplus How Non buyers and non seller affect curve?
I wish people from countries like mine, (Pakistan) emphasized more on econ as a PRIMARY subject in schools...can't really figure out HOW can a society at large make a rational decision without having adequete knowledge of economics? Great work...love u guys, thank you
Thanks, Abdul! I totally agree with you. Unfortunately, I think that economics education is sorely lacking at all levels around the world. Here in the U.S., it's not offered in many high schools, or might get a few weeks attention as part of a Civics course. I think we'd all be better off if kids started learning basic econ at a very early age. -Meg
Marginal Revolution University ofcourse...when people have no idea of basic factors that determine their long and short term future, they start making silly choices...specialy underdeveloped countries like mine where people choose govt.subsidy running multi million PKRs bus service over health and education.Anyways, long story...thank u once again.
really disappointed there weren't more vibrant colors and pauses for me to shout out the answer to the question. Us business majors need more visual stimulation otherwise we can't learn, luckily I had some family guy clips to scroll through while watching but please be more mindful in the future Marginal Revolution University.
Wooow, i missed two whole months of class, i was completly lost in economics,, after watching your videos i understand better than my classmates, they are even surprised ! Thank you !
Glad we could help, Roronoa! -Meg
what did you do two months lol?
and your instructor didn't administer withdraw you?
Wow u can really learn anything on RUclips
@Sadib Islam what’s up!
@Sadib Islam good man you? you r name rings a bell, did we use to play games together?
@Sadib Islam haha, good to hear man. hope you and your family are safe and well
Just a quick note to anyone watching, the waste he describes is called a dead weight loss. This dead weight lost would also occur if buyers/consumers were not buying and selling goods below the equilibrium price
What valuable information!! Will put this in my notes, thanks you good pal!!
Thank You So Much!
This is making my class so much easier to understand. I answered 4 out of 4 correct by the way!
how you know the answers are correct
Omg, how are your videos so good? I searched all the paid course sites and found nothing decent apart from an overview to the Austrian school. But you just provide such a great comprehensive introduction for free! Thank you so much!
I have a midterm in less than 30 min and learning so much in these last few minutes, thanks.
Did you make it though?
@@LoneStarStinger not only did I made it through. I graduated!
Thank you for your video!! After 6 months of studying, tutorials, books ... I even thought I was stupid, it literally took me 4m of your video to fully understand!!
I'm new into knowing a little bit of economics, and I recently read Misbehaving by Richard H. Thaler, which talks about behavioral economics and how this "invisible hand" concept that gets the market back into equilibrium is flawed, because it doesn't account for consumers' lack of basic economic know how/shopping around for the best deal. I'm new to the channel, so far i like it but this video does feel a little outdated, it will be nice to see an updated version that takes peoples choices into account.
Thank you thank you thank you!!! I’ve been struggling in economics especially with the equations and I’m so thankful to have found this channel. Seriously thanks!
This is gold! I suck at economics and don't understand my teacher. Let's hope I do okay in my test today...
in 3 short videos, you covered more than what my uni class did in 4 weeks!
I am in my first week of my postgraduate study, we just finished one lecture about economics on Monday and I have a homework need to submit tomorrow but I know nothing about economics before !Thank you so much for saving my life!
this deserves a million subs
Awesome and Nice...... I feel like I'm in love with economics because through this video it's so easy to understand everything.... Thank you💖😊
I have am exam tomorrow, and these videos are helping so much! THANK YOU
Awesome....feels like I m in love with economics and your voice is so attractive it's so easy to understand everything. Thank you
Perfect explanation, quite comprehensive.Thanks
That is what I was finding. Thank you SOoo much.
"Oh no!" ok ok enough with the goofy sound effects bwahaha
That "Yeah" at 3:50... I swear that same exact "yeah" can be heard in the original Twisted Metal on PS1.
Awesome❤️❤️❤️. Love from Bangladesh 🇧🇩❤️
Thank yu so much for this explanation. Best explanation ever!!!
Your videos are so helpful, thank you! The animations help me understand the concept better.
I'm a young student and i found your lesson very brilliant! But i have a question: does it exist a point where the surplus of consumer and surplus of producer reaches 0 as a value? When does it happen?
True mastery of a topic means you can explain it in the simplest of terms
this really make me understand thanks and keep up the good work I wish you we're my teacher
youtube teachers are better than professors aka this guy ^ thanks
Dude I learned more in this lesson then two days at school
Best economics teacher
I think I understand this a little better now thanks to these awesome tutorials
really good one ,crystal clear concept Thank u
Holly Molly!! I love this intro!!!😂
Hi.tnx for your video. Say me about. If our P,price,10
Q. Demand 100.
If .price 11. Demand 80. I don't understand about that . Thanks 🙏
I would say just wow. Worth watching thanks :)
Thanks for your useful video. I just didn't understand what was the meaning of Adam Smith's "Invisible hand"!
I appreciate if you can explain the simple meaning of this special metaphor.
I just read a 420 pages long book and these videos are easier to understand than my book in microeconomics
my god. we seriously need to use this type of course as a model for total education reform.
How do i find market equilibrium price and quantity if i have two demand curves one one graph?
Do you have a video that explains Inflation?
Is finding the equilibrium something that always happens over time or is it something the businesses can calculate and nail right away?
Perfect teachers.
Many people over look the marketing aspect of economics. Sociology plays a big part on sales.
this made economics much easier
Thanks for your videos, but I have one misunderstanding about this one-- why more valuable oil are wasted by making rubber duckies when the quantity beyond equilibrium quantity.
Thank you!
they dont weast it by making it they make them on consumer demand some of the consumer demand for it so they have to produce them
Vedant Kharje
Rubber duckies may not be the best example. But essentially you're taking oil that took $50 to extract and turning into products that are worth $30. $20 of value was lost/destroyed.
This is amazing! I love Economics! 🤭👽♥️♥️♥️
how I find the price and demand if none of the numbers are equal?
Thanks, you backed me to class again.
I like economics and the concepts can be a challenge.
***TEACHER RESOURCES***
Supply and Demand 5-day HS unit plan: mru.io/few
Assessment questions: mru.io/principles-52be0
More high school teacher resources: mru.io/high-school-885cb
More professor resources: mru.io/university-teaching-39996
***CONTINUE LEARNING***
Next video-A Deeper Look at the Demand Curve: mru.io/demand-9fe6d
Practice questions: mru.io/equilibrium-price-db048
Full Microeconomics course: mru.io/rqj
The drastic decrease of views on the following video makes me feel good about myself.
It is just brilliant from you Guys... U r great Thanks alot
does every form of market reach to the equilibrium price?
I didn't understand part at 1:44 . Why does the supply has to decrease when sellers sell their products at lower price. They will still have marginal benefit when they sell same or more about of goods.
Well the demand is at $50 so the sellers who sells at that price can only make money considering that the production cost is lower than that price. The seller who don't decrease their price won't get to sell their product.
The demand isn't exactly at $50, buyers always want to pay less so they are not going to pay more. At $50 they are somewhat satisfied fied with the price.
Also similarly sellers also want to profit more so they want to sell at higher prices, below $50 they are not willing to sell their goods. If they do not sell their goods no one will get to buy their good, people who have money and need the good badly are going to pay more. As sellers were willing to sell at $50 this buyers are willing to pay $50 thus the equilibrium.
Wow. this sums up the 20 pages I read. Understood better too!
thank you now I understand
That's so clear...thank you!
How do you determine prices when supply and demand cancel each other out?
this feels like it is not always true here in america things like drug prices are extremely high but the cost of production is insanely low
you can create artificial prices by increasing the price of drugs then lowing it slightly but still having it be insanely high and because its something people need, demand will still shift to being profitable.
Great video, thank you!
Thx for the video, good job!
Interesting note: after working in Auto Parts for 15 years, I wanted to point out that the price of gasoline does fluctuate, however, quarts/bottles of oil never go back down...they always increase in price. I always that that was pretty messed up.
I can't count how many things I learned on RUclips than at school!
Our president Brandon needs to watch this video a few times until he learns it.
you shouldn't the business produce above the equilibrium price and produce as much as demanded?
No cause he would loose money, and nobody will buy from him
Thank youuu great videos
nice video thank you
WOW just WOW and thank you
well, at the end you refer to Adam Smith and the invisivble hand. In his book "The wealth of nations" he mentions the invisible hand only in another context, explaining why the free movement of capital can not be expected, since the hand in question would stop capitalists from taking risks in very foreign environments! Check it out! Does he use it in the mostly assumed way in another context somewhere? Not to my knowledge.
this helped so much thank you
DAMN I learned this easier on RUclips than reading 4 pages out of the book
I don't thin this curve can be applied to all goods
some times sellers can lower the price and the quantity stay the same and the opposite
HEY! I got 89% instead of 100% in my test because of you!
+Elliot Halpenny What question did you miss? Thanks, Mary Clare
Thank you.. u r the best 😍
thanks a lot for helping me
But how is equilibrium price determined?
😄 ooooh ahhh😂. this is the most entertaining video on equilibrium.
thank you
Can you be my substitute professor for the rest of the semester?
Sort of! We've got a full Micro course playlist here: ruclips.net/p/PL-uRhZ_p-BM4XnKSe3BJa23-XKJs_k4KY
Good luck in your course!
-Meg
Als ersetze das Programm nicht jegliche Professoren
LOL!
Sir please upload full course of class 12 also
They are situated in America, they do not know what class 12 means. Plus there is no microeconomics in class 12.
great job thank u
this is good!!!!!!!!!
Fantastic
I love you guys
It can take a few viewings, but eventually it will be as clear as can be…
Also,
SALE TIME!!!!!!
How could the oil price be $50?
if the demand for oil is high and the supply is low,the price can reach the 50$ and more
I love you!
Equilibrium
Quantity demanded = quantity supplied
Buyers vs buyers
High buy value win
Sellers vs seller
Lowest cost sell win
Surplus
How Non buyers and non seller affect curve?
All videos are fucking good. Thank you
I guess 1:17 buyers should be ↑↑↑↑
Of course, all of this assumes that everyone is acting in their best interest.
I would say just wow.
but I don't understand I got confused
i'm just 14 and i'm watching this lol
Never too early to start learning econ! :) -Meg
Well said! Econ is really interesting.
-Adriano, from italy
I wish people from countries like mine, (Pakistan) emphasized more on econ as a PRIMARY subject in schools...can't really figure out HOW can a society at large make a rational decision without having adequete knowledge of economics?
Great work...love u guys, thank you
Thanks, Abdul! I totally agree with you. Unfortunately, I think that economics education is sorely lacking at all levels around the world. Here in the U.S., it's not offered in many high schools, or might get a few weeks attention as part of a Civics course. I think we'd all be better off if kids started learning basic econ at a very early age. -Meg
Marginal Revolution University ofcourse...when people have no idea of basic factors that determine their long and short term future, they start making silly choices...specialy underdeveloped countries like mine where people choose govt.subsidy running multi million PKRs bus service over health and education.Anyways, long story...thank u once again.
really disappointed there weren't more vibrant colors and pauses for me to shout out the answer to the question. Us business majors need more visual stimulation otherwise we can't learn, luckily I had some family guy clips to scroll through while watching but please be more mindful in the future Marginal Revolution University.
2:38
çok güzel ya ı am from turkey eee
actually it explain it better but just that teacher talks fast .
Taylor Charles Perez Steven Johnson Kimberly
Where quality
2023
4:06 RCT3 sound effect lol