Externalities (Part 1) - Negative Externalities- Micro Topic 6.2
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- Опубликовано: 14 янв 2010
- Newer Version: • Everything you need to...
Mr. Clifford's 60 second explanation of negative externalities (aka: spillover costs). Notice that there are two different supply curves. One is the marginal private cost which ignores the spillover costs and the other is the marginal social cost (MSC) which includes the additional costs to society. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.
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Mr. Clifford saved me in undergrad... now he is saving me in graduate school. Rock on Mr. Clifford
You learning this in grad school? I'm in HS and we cover this.
ArduinoBen I’m in year ten here in the UK which is the equivalent of 9th grade
No way ur learning this stuff in grad school
@@cin6825 thats literally what he meant. Clifford is so great cause he simplifies basic and complex principles. You'd be surprised how much of the basics people still use an need to go over. Basic principles are still heavily taught even after HS.
@@Ben.N stay humble young blood. this is a simple concept which helps with way more complex concepts.
My Econ class is a waste time and money. I can learn everything form Mr. Clifford.
Welcome to the University of RUclips
RUclips university is the future.
Facts bro
@@arjungupta3095 haha true
It is kind of weird/amazing/relieving how Mr Clifford explains such intricate concepts in few minutes whereas my oh-so-smarty-pants PhD lecturer could just read out from the slides. Imagine if Mr. Clifford works out the formula for charging us or RUclips for his teaching videos. He would be a billionaire overnight. !!!
Don't give him ideas!
as soon as this ended, it all clicked and it makes so much sense. please be my teacher... you're magical
The awkward moment when you learn more from watching this 2:30 minute video than you have during an entire semester of AP mirco...
ikrrrrr
could not survive without this man! Pro-tip: if the speed of this video makes it hard to retain info put it on .75 with subtitles showing :)
I admit it, studying Maths with Economics degree is difficult for someone who never study economics before. Thanks to this channel, i mostly did well in any economics test so far, so i really recommend this channel for anyone studying economics!
This man used 2 minutes to clearly explain something that puzzled me for months.
AWESOME.
I'm the newest viewer from 2018. Way to go Mr.Clifford!!!
I’ve been a stockbroker for 3 years and I still come back to these videos. Timeless info that you’ll need throughout life
some stockbroker u must be
I have an econ final tomorrow and this is an absolute lifesaver, thanks!
I watched your videos the night/ morning before the exam and I just want to say they have really helped a lot! I feel way more prepared for my final thank you!
This was unbelievably so helpful
Clifford a real dawg. Never misses.
11 years later, this is still extremely useful!! tysm
This video saved my high school AP Econs and now I'm a junior in university and coming back here again for help ☠
You are the best teacher. Thanks a mill.
it's 2022 and i'm watching this guy before my finals,he is the savior...
I love you so much. My IB economics teacher manages to elude all of our class with his half-assed explanations. You're brilliant! :O
taking IB Econ rn
@@woobackk yuppp me too fam. HL
this is so helpful, thank you so much! You're a really good teacher:)
Omfg. 13 years ago. My highschool micro teacher told me to watch his videos, now I'm watching them again in environmental economics lmao
Man you just saved my life! I don't even that stupid fat book. All I need is you with your 60 seconds!
Thanks for your videos Mr Clifford. We need to learn from you, not only the subject, but how its tough.
Thanks for getting a haircut, and also for keeping up with these videos! So helpful
this shows that some teachers are just good at teaching. he nailed it. period.
and i sometimes wonder why those who don't eventually end up teaching students what's the purpose
Wow, you are amazing at what you do. THANK YOU!
Really amazing video... Understood what I couldn't understand in 2 years of coaching 💯💯
best teacher EVER
I am so thankful for these videos
So happy to search a concept and see ur vid pop up
Love these videos, short and to the point, thankyou for you videos :)
You are saving my time and clearing my concepts ❤️
This is so helpful! Thank you so much you saved my life!!!!
I swear Mr. Clifford. You're saving my ass in finance class. Thank you!!
you are an actual genius at teaching
i have my developmental economics exam tomorrow (final forever, after this i'll graduate) and this video saved me
I had attained lactures of economics of almost 19 hrs.
In one minute i got everything 👍👍
Ah yes attained
I love how he teaches!
I'm shocked!! it was really fast and I learned more here than in other videos and in the book. I'm shocked!
Mr Clifford top G of econ
I really enjoy this hyperactive kind of explaining
2 weeks class in 2 mins
GOD BLESS YOU
AMAZING videos！ Thank u so much and loveu!!!
Mr Clifford you're a certified beauty. I learned everything i needed to
You sir are freaking awesome!!!
Mr Clifford you rock!!
Thank you Mr Clifford
Damn your channel's come a long way but the material is still great as always.
Best teacher on the net...
man your actually a saviour
Thank you!! online classes should include this video. textbook don't learn me nothing
GO MR CLIFFORD, WE LOVE U. I am failing Economics
Man ur way of teaching is best💥❤️ loved it
Gosh, I have learn so much with you. I wish my econ professor was like you :(
wtf, how did he explain this better in a 2 minute video than my last 2 weeks of class.
thank you mr. clifford
Mr Clifford should really do a Finance Series
Hook, explanation, clarity.
This is what happens when you meet one with economics flowing through the veins. Thanks Sir.
Haha , this man really helped me ace my final exam in less then a min lol
excuse me sir did u just sum up my 1hr15 lecture in 2 mins...? I'm more than impressed honestly
You are AMAZING!!!!!
So helpful!
I love this guy :P
U ROCK!!!!!!!! thank u for this!!!
60 seconds? Almost 2 minutes... But 2 minutes well worth it!
Succinct. well done Mr Clifford.
what a legend sir
Hi there, is income inequality a negative externality?
Not really. Income inequality happens very easily in free markets.
thankyou so much!!
You are my new favorite! Way better than Mr. Khan. :)
Economy is a balanced system based on inventories, we never had that!
thank you so much
Mr Clifford, you're gonna make my professors out of job if you teach in my school
I saw his new video before this...couldn't believe he is the same person!!
Where is DWL in this diagram?
Legend!
Good video . I love your videos and I am suscribed. The Music in this is a bit distracting from your good teaching . Overall thanks for your videos!!
Hello,my question is more like supply and demand both shift to thw left. So the price stays the same ultimately.
The question asks what point is the social optimum at, in this situation?
Would this mean that there is no social optimum bc the price stays the same?? Need help...
Thank u so much
I may be missing the point, but how would you factor in and predict the addictiveness of cigarettes on supply and demand?
WOW !!!!!!!!!!!!!!!!!!!!!! THANKKKKKKK YOUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU !!!!!!!!!!!!!
Da Man
The music was kinda distracting, great explanation
It's called ACDC Econ for a reason my friend
GOATEDDDDD
Love you mr Clifford. Would you help us out with econometrics as well?
watching this video 30 mins before my finals
Wish me Luck guys
who knew that taxes could solve lung cancer
They can't. This is an economic fallacy.
yea the market for cigarettes is pretty inelastic. They are going to pay whatever they have to to get their cigs. But at least less and less people are using them
XDDD
Zachary Savoy but it would work still because its not perfectelly inelastic
@@sinistril It's a joke.
Thanks for making these video.I watched your previous video about supply and demand and it helped me a lot. since then I always stop by your video to help me understanding microeconomics better. But I have some problem catching up what you were talking cos it was too fast and I didn't understand it at the end :'( could you please lower down your speed when you are talking
How come the D-curve for cigarettes is unit elastic? Isn't it supposed to have an inelastic demand curve?
what if the MSC is less than MPC? would the society just leave it like that even though it's not the optimum quantity?
umm surely the cost of second hand smoking is a negative consumer externality and so marginal social benifit is less than marginal private benefit and it is the demand curve that changes to adress the market failure?
That is the difference between IB explanation and this AP explanation. Same result.
As a smoker, you would do more damage to yourself because you may be alone sometimes or simple smoking with different people per day does less damage to them than smoking your lungs everyday
legend
amazing explanation:PPPPPP
if suppy increases why the supply curve moves to the left??
You're a rockstar
Saved me
❤️
Negative externalities (spillover costs) when costs spill over to someone other than original producer or consumer - person not involved in transaction
Free market ignores the spillover costs
Marginal social cost = marginal private cost of the firm (e.g cost of cigs) + external costs to society
Where the two lines meet in MSC is the socially optimal qty
MSC > than MSB, so too much is produced
Govt levies per unit tax to achieve optimal quantity.
Mark Cuban
Before he made it.
Glad I learned from the legend
have you considered decaf?