Microeconomics Unit 2 COMPLETE Summary - Supply and Demand
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- Опубликовано: 16 июл 2024
- This video covers all of the key points of Unit 2 from the AP Microeconomics Course Exam Description (CED). Supply, Demand, Elasticity, Market Equilibrium, Surplus and Deadweight Loss, Government Controls, Taxes, and Tariffs.
For more help with unit , there are content reviews, review games, and practice exercises for you at: www.reviewecon.com/ap-microec...
To learn about the mid-point elasticity method, see here: www.reviewecon.com/elasticity...
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Note: Topics are out of order because this is the oder in which they are covered in the ReviewEcon.com Total Review Booklet.
Note: AP©, Advanced Placement Program©, and College Board© are registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material.
Wish I had discovered this channel far earlier, now I'm cramming 2 hours before the exam. Well you got my subscribe :)
Good luck! You got this!
I'm sri lanka 🇱🇰 . Verry good video . I'm school student . Nice to meet you sir❤❤
Thank you! I wish you the very best on your studies! Good luck to you! 😄
Thank you for teaching so clearly! My teacher could never.
You're very welcome! My own students say the same thing occasionally. 🤷♂️😂
Sometimes it just takes different words or examples for it to click.
Good luck with your exams!!
Thank you! Your channel has the only videos that explain everything in so much detail!
You're welcome! I'm glad my videos helped!
You're the GOAT! I am an International Student so I don't have AP classes or a teacher that could guide me so was really scared for the test. Thank you for filling in that gap and helping me understand all of AP Microeconomics.
Keep up the great work!
I am so happy to have helped! I wish you the very best of luck on the exam!
Self studying is not easy. You should be very proud of all your hard work.
Oh my god. All of the other teachers on this website just speak so fast, but you cover it so well and pace it well enough so we can understand it. I have 2 days until the AP Microeconomics Exam. Thank you.
You're very welcome! Good luck on Friday!!
LETS GO AREG 😤
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Thank you so much for this video! It really provided me with the necessary anecdotes and information to truly grasp the discussed concepts. Keep up the excellent work Reedy boy!
You're very welcome! Good luck with your studies!
this is me studying for the exam the night before😭. You're my savior, thank u so much.
Good luck tomorrow! You got this!
This is a very helpful and insightful video, thank you so much for helping me understand microeconomics better.
You're very welcome!!
This was so extremely helpful, thank you so much!!!
You're very welcome!
Thank you for the great video! I am studying for my micro econ ap test on friday.
You're welcome! Good luck on your exam!
Thanks a lot prof. Here in India we dont have AP classes so you and the Barron's book are my only hope.
You're very welcome! Good luck on your exams!
Super helpful thank you!
I am so glad! You're welcome!
iam ashamed to skip ads from this great tutor. Thanks a ton man. Yours videos gave me a job. I wish i could pay you somehow.
You're too kind! Good luck with your exams! 😄
i needed to replay one section several times... until i realized, as a non american, i culturally did not know that people eat peanut butter AND jam together...
good content since unit 1 anyway!
Totally understand!! My videos do occasionally have cultural references that not everyone will understand.
Luckily the CB usually tries to avoid them!
The videos are so helpful to grasp the foundations of Microeconomics. His videos make me feel more comfortable with this topic and I love that sm, thank you for taking your time on making these videos!!!!
You are so very welcome! Thank you for those very kind words!
Thank you for the thorough video. You also talk slowly which helps, other videos be talking on 5x speed.
😅 That takes effort. I'm actually a naturally fast talker. I'm glad I'm not too fast in these videos.
Good luck on your exams!
@@ReviewEcon finished unit 2 test today in class and got 98 thanks to YOUUU
@@alimadi9053 nice job! 🤘😎🎉🎊
Thank uuu so much u make the best Econ videos!
Aw! Thank you!
Good luck on your exams!
you are one of the best yt teachers there is
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Wow this is SO helpful thank youuu
You're very welcome!
Dhanywaad 😅
amazingggg thanks for the awesome lecture
You're very welcome! Good luck with your exams!
this is really helping thanks 💙
You're very welcome! Good luck on your exams!
super helpfull! We're big fans! :)
Awesome! Thank you! 😀
Thank you this is so helpful
You're very welcome! I'm so glad you found it helpful!
Hi! At 8:18, I was wondering if you meant if producers expect prices to increase in the future, they will decrease current supply instead of increasing it?
Yes! You are correct. I misspoke there. I'll see if I can edit that out until I can make a new version.
that's amazing!
You're too kind. Thank you!
Great video 👍🏾 If I know the elasticity of demand and supply for a good could I then calculate how much the price would change per percentage change in demand? And how would I calculate that? Thx 😊
Edit: I mean the %change in price per %change of total consumption of the good on the market
You certainly could, but you would need someone with better math skills to help you with the exact formula. 😅
That's definitely above the AP micro level.
hello sir thank for making understand what i was finding difficult to understand
You're very welcome!
thanks!
You're welcome!
Thank you for the video! Can the income effect also make you buy more of other goods if the price of a good goes up?
That's the substitution effect.
Good luck on your exam!
I think income effects is about when an employ wage higher buy more because the person has morer money now. U talked about price effect in income effect
As it applies to the AP micro exam, the income effect is as I described it. When your income doesn't change, price increases will decrease the purchasing power of your income, resulting in a lower quantity demanded. Also, when your income doesn't change, price decreases will increase the purchasing power of your income, resulting in a higher quantity demanded.
The income effect, substitution effect, and diminishing marginal utility all reasons for price inversely changing quantity demanded.
I hope that helps!
It appears you are describing a change in worker income as a demand shifter.
The income effect is about movement up or down the demand curve (that results from price changes impacting the purchasing power of your income) rather than a shift of the demand curve.
For the determinants of supply, wouldn't a producer expectation of a high price actually lower supply today since they would want to sell at a future date when prices are high?
I see your point. I'd say it depends on how the exam question is phrased. If they expect a high price, production will increase to capitalize on that high price. That higher production will increase supply.
But... If they expect current production can be sold at a higher price later, already produced products would be held from the market as suppliers wait for that higher price. And that would reduce supply.
@@ReviewEcon thanks a lot. Also great videos, I prefer your videos to Jacob Clifford since they go into more detail and are longer
You're welcome! Good luck on your exams!
Why might the long-run supply curve slope upward if firms don’t have identical
cost structures?
Not exactly sure what is meant by this question, but might want to look up increasing cost industries. They have upward sloping long run supply curves.
thank you king
You're so very welcome!! 🤴😀
grate video !!!!!
Thank you!
@ReviewEcon tomorrow i have economics test on micro
Thank you sir
You're very welcome!
Great 👍, sir if price does not change demand .if the price high or low ,will it not effect the demand,get you please explain briefly
Demand is the entire curve with all prices and all quanties consumers will buy at every possible price. Since price is already part of demand, a change in price won't change it.
Price does change QUANTITY demanded. At high prices there is a lower quantity demanded and at low prices, there is a high quantity demanded.
Things besides price, like consumer tastes, that impact purchasing will change demand (shift the curve).
I hope that helps!
An example of a price ceiling would be something like rent control.
Yes! Rent control is a great example of a price ceiling.
Thank you! I finally understand the double shift. No one ever explained it like that to me before.
Awesome! Sometimes it just takes slightly different words for it to click.
Good luck on your exams!
7:57 What do you mean by increases in technology?
Things like the assembly line in car production, or development of the sewing machine in clothing production. The new technologies increase supply.
The demand for tickets to ethiopian film is given by D(P)=200,000-10,000p, where p is the price of tickets . if the price of tickets is 12 birr, calculate price elasticity of demand for tickets and draw the demand curve. please help me
While this is a little outside what I teach, I would suggest you plug in the numbers to figure this out. Start by replacing P with the price of 12 to get the Qd (D in the formula) then reduce the price to 10, 8, 6, etc. Also raise the price to 14, 16, 18, etc
Use the numbers you get (P and Qd) to draw the graph and calculate elasticity.
Good luck!
How can price not change demand when a products demand goes up when the price of it's substitute goes up?
When we say price doesn't change demand, we mean the price of the good in question doesn't change the demand for the good in question (only quantity demanded). If the price of another good (a substitute or complement) changes, the price of the good in question did not change (but demand will change). Prices of other goods is a demand shifter.
@@ReviewEcon Thanks for the response! I get it now
how do you know I'm prepare for final?
My advice is to practice as much as you can. Good luck! 🤞🤞
it is excellent learning aid to all students in college or university, and to people who want to understand economics, the summary is concise and easy to read. Demand and supply are very confusing topics. The graph is dry making you sleepy. Make it entertaining. Speak slowly. Please dress business casual. NO, NO baseball cap and t-shirt.
I appreciate the feedback, and I am glad you find the content helpful.
That said, I don't think I'll be dressing biz casual any time soon. 🤷♂️😉
The graphs he's showing are great. His explanations are awesome and he speaks at a pace that everyone can perfectly understand. So what is the problem? Not dressing up business casual? Alright😂
It says that this video is unavailable on this device.
After some research, it appears browser extensions can cause the problem. It can also be a temporary glitch with RUclips. Are you still having the problem?
Could you please fix that
I'll look into that. I have no idea why You wouldn't be able to watch the video.
Can you tell me what device you are watching it on? Have you tried other devices?
i love u
Thank you, but I must tell you Econ already has my heart. 😉
give me 5 on my exam
If I had that power, I would! But I wish you the very best of luck! 😄
I think you by mistakenly said opposite tings for compliments and subsbitues
I don't see or hear an error. For substitutes, when the price of one good increases, demand for the other also increases. For compliments if the price of one good increases the demand for the other decreases.
When you have 30 min before the exam
Good luck on your exam!
@@ReviewEcon thanks man! It was a decent test. Not as hard as BC calculus, but not as easy as AP gov either.
Helllo sir ,I think you made a mistake in explaining between substitute and complements
Doesn't look like it to me.
With substitutes there is a direct relationship between the price of one good and the demand for the other good. When the price of one increases people buy less of that good and they buy more of the other good instead. That's why there is a direct relationship.
For compliments it's the opposite the price of one good is inversely related to the demand for the other good when the price of one increases people by less of that good and less of the complement as well.
I hope that helps! Good luck on your exams!
BSA - A2 pepssss asa mo? HAHAHAHAHA
Uh... I'm not sure. 🤷♂️😅