How to Calculate A Shortage vs Surplus | Economic Homework | Think Econ
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- Опубликовано: 11 окт 2024
- In this video we explain how to use the demand and supply equations to solve for the equilibrium price and quantity values (often referred to as P* and Q*) in a market, and then calculate the magnitude of a shortage or surplus in the market, depending on whether the actual price is above or below the equilibrium price in the market. This is something which you will need to know how to do throughout your studies in economics, so it's definitely worth reviewing to ensure you understand it.
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*** IMPORTANT ***
At 9:11 I miswrote Qs > Qd. It should actually be: Qs < Qd. Thanks to the people in the comments who caught this mistake.
you teach way better than my professor thank you so much
Thumbs up and subscribed This helped me a lot for Macro 1101. It was very detailed and worked out very very slowly* major points for that!!!
I find that breaking down the complicated concepts slowly is the best way to make it make sense for students first learning it. I'm glad you found it helpful! :)
Thank you for the great lesson know I know how to solve it
Thank for explaining how to work out the question.
By the way, why would you need to create a new line on the graph for the new price amount? Why would I need to substitute the new values (from the new price line) into the 2 lines for the market equilibrium graph? Can you please explain the laws of demand & supply because, I don't fully understand the economic theory.
Great Video!!! Thank you so much. I recently took a Microeconomics exam and this really helped me.
We're really glad to hear that!
Nice explanation thank you
You're welcome! I'm glad that you found it helpful :)
at 9:11 , wouldnt it be Qs
Yes, I definitely miswrote that and didn't notice pre-upload. I said the right this and wrote the wrong thing. Great catch
How do we determine the equilibrium price and quantity of a direct function? I will be grateful if my question will be considered
How to Calculate Market Equilibrium | (NO GRAPHING) | Think Econ
ruclips.net/video/vUyRQ066tw0/видео.html
qs is greater than qd you wrote in the second part
Wow! I can't believe I missed that. Good catch
Nice appreciate ❤
Very helpful
Thank you!
and from where did you get the 0.5?
one question
why we didnt put the 0.75
why did we put 1?
I need help with my basic economics homework
Thank youuu
You're welcome
Where did you get the 0.75 of the P from 1:03 I don't understand is it given already? Please explain
So on the line before I have the equation
600 = 800P. But I don't want that 800 attached to the P, I want the P all by itself. So to get rid of the 800 being multiplied by P, I'm going to divide 800P by 800. 800P/800 = P. BUT, mathematically what you do to one side of the equals sign, you have to do to the other, to keep the equation balanced. So, if I divide the right side by 800, I must also divide the left side by 800. 600 divided by 800 is 0.75
Does this help?
@@ThinkEcon oh thanks just in time for my report too thanks so much!
@@JaredProd30 No problem! Good luck on your report!
I don't understand please
Are you setting up those equations on your own??
Someone please help me