This is a very helpful video. I and all the students who are watching you, appreciate your hard work and efforts in making such helpful content for students. I used to watch your videos when since i was doing my AS level and i am still watching for my A2. AND I CAN CONFIDENTLY SAT THAT THIS RUclips CHANNEL IS ARGUABLY ONE OF A KIND AND IS IF NOT THE BEST. All the best.
THANK YOU SO MUCH This exact thing came up in my 2024 paper 1 and i had your whole video memorised. I dont have the grade yet but youve given me confidence to keep working through paper 2 and 3! (I love you econplusdaddy)
Excellent! thank you. Could you quantify Monopsony power as the amount they suppress wages in an exam essay? e.g. in this market Wc-WM = the monopsony power
If the monopsonist is the state for instance, employing teachers or nurses, what would be the incentive for employing at MRP=MCL if there is no profit incentive?
Great video, just wanted to know why a monopsony would hire more workers at a higher wage rate? Obviously it's because Mrp=mc but why is that? Why would employment increase when costs for the firm are higher?
Because to recoup the costs of more expensive labor the business needs to produce more. At the end Revenue - Expenses will still be smaller than without the wage floor.
is increasing employment at the same time counterproductive? because we’d hope that employers would train workers to increase productivity if they have to pay them more but here they’re just employing more workers
You said that a monopsony employer wants to employ where MC=MRP in order to maximise profits, I understand the concept but does it actually work like that in reality? For example, the government is a monopsony employer within healthcare and education but how can the gov+ profit max if there's not really any profit to be made? In this case is it more to do with keeping costs to a minimum?
I was talking about a monospony employer/buyer of labour, not a supplier. I don't think you quite understood my question but thanks anyway for trying to help
This is just a bilateral monopoly right? And if so, why is the TU Wage not greater than the Competitive Wage? Surely the TU one would be operating at MC=MRP???
ikra m Because Wc is an unknown value to the firm and the union. Its just an educated guess. There are no mechanisms like competition in a monopsony market.
Just imagine the scenario: you’re the only employer in town and hire people for a lower wage than if you had competitors (so far so good). Then the local government imposes a higher wage floor and you grudgingly...hire even more people?!?!!?!???
so passionate
3 hrs before my exam and im just now learning this lol fear i may not pass
same here
Same lmaoo
Lower the grade boundaries like a real friend
@@seadrown6252 ill come back and let u know if i contributed to lowering the grade boundaries👍
This is a very helpful video.
I and all the students who are watching you, appreciate your hard work and efforts in making such helpful content for students.
I used to watch your videos when since i was doing my AS level and i am still watching for my A2.
AND I CAN CONFIDENTLY SAT THAT THIS RUclips CHANNEL IS ARGUABLY ONE OF A KIND AND IS IF NOT THE BEST.
All the best.
You don't need to say this. We all felt it. DOn't make it cheap.
smashing revision for micro paper 1 2019, whos with me??
Don't know about smashing revision but i'm out here trying
good luck boys
yayyy
How did it go?
this makes my textbooks explaination seem literally useless, thanks dal
THANK YOU SO MUCH This exact thing came up in my 2024 paper 1 and i had your whole video memorised. I dont have the grade yet but youve given me confidence to keep working through paper 2 and 3! (I love you econplusdaddy)
You're a great guy. The explanation is easy to understand. It helps me a lot. Thank you so muchhhhhhhhhhhh
Love your videos and explanations! Thank you for sharing them.
you are the coolest 💙💙
thank you so much!!
This video was very helpful to me, thanks!
thanks Sir! It's really a clear explaination. Great! help me a lot! hope Sir can makes more video!
Excellent! thank you. Could you quantify Monopsony power as the amount they suppress wages in an exam essay? e.g. in this market Wc-WM = the monopsony power
100% yes, awesome evaluation
Excellent explanation!
Thank you so much .
Brilliant video. I'm sick of being fed platitudes about the inefficiency of unions/minimum wage when the reality is much more nuanced
great tutorial ....very helpful
Superb video👍
You’re saving me from my brick-for a head teacher.
Very realistic and helpful. God bless you sir
Thanks very much Diksha, truly happy the videos are helping 👍
love the vids bro
Could you use this graph and these points to talk about a bilateral monopoly ????
Very useful video 😍
the real G, man like DALLLLLLL
Do we need to use different colours to show the new curves? Like how the ACL line changes
Thank you very much sir
I love Dal more than I love myself
Cheers Dal
I love u Mr Dal
finally understand this, thankyou god
If the monopsonist is the state for instance, employing teachers or nurses, what would be the incentive for employing at MRP=MCL if there is no profit incentive?
can u explain economic rent and transfer earnings? plzz..
So nice thk u
You are great man! where do u teach?
Great video, just wanted to know why a monopsony would hire more workers at a higher wage rate? Obviously it's because Mrp=mc but why is that? Why would employment increase when costs for the firm are higher?
because thats the profit maximising point of employment, a profit maximising firm will always operate there
Because to recoup the costs of more expensive labor the business needs to produce more. At the end Revenue - Expenses will still be smaller than without the wage floor.
@@Padderrss Because they need to recoup the costs of more expensive labour, this can be done by increasing output, which requires more workers
Very helpful
thank yooooooooou so much
I have huge huge respect for u sir..from pakistan..ur a great great teacher
If I get an A I'll Buy you a pint
Did you get that A boss
@@Incognito_ST not far off, i got a strong B. i’ll still buy him a pint either way
what is the equilibrium point and why is it?
you are my daddy , thank you dal!
Hi sir , your videos are very helpful thank you , can you please do a video for globalisation please. Thank you
All done - here you go ruclips.net/video/TLmXIFIYZ64/видео.html
oh my god you are so good
my God or my god?
If trade unions are closed shop, why wouldn't they increase wages to the competitive wage rate?
shut up ur making my head hurt
dis was my Q aswell
Ur a god mate
is increasing employment at the same time counterproductive? because we’d hope that employers would train workers to increase productivity if they have to pay them more but here they’re just employing more workers
Tq sir love ❤
2024 econ paper one at 9 tomorrow, dal carrying me through
this was the perfect video to watch for sure
Is the output level of Qc and wage level of W1 where perfect competitive labour markets operate?
Yeah, where demand and supply are equal
Megan S Ok thanks!
You said that a monopsony employer wants to employ where MC=MRP in order to maximise profits, I understand the concept but does it actually work like that in reality? For example, the government is a monopsony employer within healthcare and education but how can the gov+ profit max if there's not really any profit to be made? In this case is it more to do with keeping costs to a minimum?
Monopsony suppliers do not really exist in real life
I was talking about a monospony employer/buyer of labour, not a supplier. I don't think you quite understood my question but thanks anyway for trying to help
So complicated just to explain asking for a pay rise :)
This is just a bilateral monopoly right? And if so, why is the TU Wage not greater than the Competitive Wage? Surely the TU one would be operating at MC=MRP???
I think it as the TU does not know what competitive outcomes are, and just see the increase in wage as being satisfying enough.
can you please explain why did the employment increase dal?
Trade union was below equallibrium already .
Let’s get it lads💪🏽💪🏽💪🏽💪🏽💪🏽
Gl in exam
2 hours till the exam!
Im so nervous
can i ask why the trade union dont push the wage to Wc?
ikra m
Because Wc is an unknown value to the firm and the union. Its just an educated guess.
There are no mechanisms like competition in a monopsony market.
I’m cooked
WHOA MONOPSONIST!!!!!!!!!!
Adam Smith Asian Edition
Now you have to explain Germany...
Anyone here taking econ at Davis with Larson?
me, reviewing for the final right now lmao
hell yeah how do you think you did? These guys videos helped a lot!
Just imagine the scenario: you’re the only employer in town and hire people for a lower wage than if you had competitors (so far so good).
Then the local government imposes a higher wage floor and you grudgingly...hire even more people?!?!!?!???
oh
true
whooooa monopsonist
Trade unions have to go blud
you deserve a knighthood