Chapter 7: Consumer Surplus, Producer Surplus and the Efficiency of Markets - Part 1
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- Опубликовано: 23 июл 2024
- What is a free market? 0:55
How do economists measure value? 6:51
Consumer Surplus 9:07
How consumer surplus changes when price changes 33:17
Producer Surplus 40:06
How producer surplus changes when price changes 50:23
so good when the professor actually rolls up the sleeves and writes, draws, etc. and doesn't rely solely on slides! but I like slides, too
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Specifically, he is the right instructor for students at the Higher education level (college & university)
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You're welcome. Glad the videos helped!
The same
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You're welcome....I'm glad the videos are helpful!
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Glad to be able to help.
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Ha! Pretty rough to look at. Good luck on your endterms!
What is the reservation price in consumer and producer surplus curve
God of Economics
In which chapter did you talk about Utility?
Another question.. In which chapter did you talk about Cost, Production, and Consumer Theory?
Thank you in advance!
Thank you professor
You're welcome!
at 21:30 you say that the price gets driven up until there is only one bidder left which is the price P*, but at the value of 800 aren't there still two bidders that are willing to pay that price? I would have thought that B would have stopped at any value greater than 800 but would still bid at 800, I cant quite see where I'm getting mixed up.
Just imagine the price being one bidding increment above $800. Just enough to eliminate the second highest bidder since their maximum is $800. The price would be just slightly higher than 800....I'm calling it 800 for convenience.
Pls thanks for everything...I really want to know the value of a good is equal..pls is it equal to the price you paid for the good or max you willing to pay minus price you actually pay for it..pls I hope to hear from you real soon😢
The value that you place on something would be the maximum you are willing to pay for it. For example, if you value something at $20, but the market price is $7, then you get $17 of consumer surplus. I hope that helps.
Kindly please share chapter number10 . And your videos clear all my concepts . Appreciated ❣
Yeh jis book me hai uska link bhejoge please
how could the price be reduced in an auction?
This is how a reverse auction works.
im not letting you have my cooking utensils why my mom passed onto me !
Ha!!
I don´t understand why if B is willing to pay 800, A is the one that finishes buying at 800
Bidder A would actually pay a little bit more than $800....like $801. However, I just use $800 to make the discussion easier. Just suppose that B is willing to pay $799.
45:33
Sir, where are the videos for other chapters?
You can find the other videos by going to my channel page and clicking on 'videos.'
ruclips.net/channel/UCynaHas-XyaZniL7Zi94cUQ?view_as=subscriber
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