Not completely related to video but when talking about taxes/ subsidies, when do you use the MSB MSC MPB MPC diagram and when do you use the simple one where you just show S+tax above supply etc?
The 'MSB MSC MPB MPC diagram' can be used in different situations. 1) taxes are implemented when there are negative production externalities of a good or service, the production of a good has external costs such as pollution, when a good is overproduced and undervalued. At this point MSC>MPC so the government intervene by taxing a good. 2) Subsidies implemented when there are positive consumption externalities of a good or service, the consumption of a good has external benefits such as decline of diseases, when a good is underproduced and underconsumed. At this point MSB>MPB subsidise the good.
Bang you would use that graph to show the effects of a tax. So, increase in cost of production leading to higher prices, link to quality demanded and consumer and producer surplus... Then elasticity when evaluating it
Except reality has proven the absolute opposite, where when common access resources like forest becomes private, without hard regulations, they often if not always end up over exploited.
Property rights are mentioned but it isn't a significant part of the spec so it would be surprising to see a question on it but it could be a point to bring up in another question
Contestable markets is a market where there are low/no barriers to entry/exit resulting in high competition and lower prices/Hit & Run competition. Monopolistic competition is just imperfect competition which can be contestable. Someone correct me if I'm wrong!
contestable markets are to do with the threat of new competition e.g. Uber threatening the taxi industry. Monopolistic competition is where you have the low barriers to entry and high levels of competition. Example being restaurants.
I've not really started revising for my economics exam next week yet(which is stupid but, ive focused on other subjects more) what would you suggest to focus cram revision on and how would you go about it?
haha bro i was in the exact same place a few days ago. I'm trying to do a topic a day until the first exam. i havent gone over everything yet but i'd make sure you know the market structure diagram and features, that you understand market failure and probably some of the basics of labour economics.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
AANNDD ITS ECONPLUSDAL THROUGH ON GOAL......AND HE BURIES IT WHAT A GOALLLLLLL
By far the best Environmental Econ channel on RUclips. Thanks for all your videos!
Ffs just saw this video after my aqa micro exam
My guy dal back at it again with a great video
If this was to come up in a question, what diagram would you draw? Cheers Dal
Such an important topic! Thank you very much. Next the Coase theorem!!
Thanks. It's OK for international waters and air, I'd be dubious of forests though.
Thanks econdal
With my exam next week, how would you recommend approaching revision at this stage, and what to focus on?
Not completely related to video but when talking about taxes/ subsidies, when do you use the MSB MSC MPB MPC diagram and when do you use the simple one where you just show S+tax above supply etc?
The 'MSB MSC MPB MPC diagram' can be used in different situations. 1) taxes are implemented when there are negative production externalities of a good or service, the production of a good has external costs such as pollution, when a good is overproduced and undervalued. At this point MSC>MPC so the government intervene by taxing a good. 2) Subsidies implemented when there are positive consumption externalities of a good or service, the consumption of a good has external benefits such as decline of diseases, when a good is underproduced and underconsumed. At this point MSB>MPB subsidise the good.
Victory M my guy thanks for that but what about the normal tax one where it’s just S+tax above S1 when would you use that?
Joshua Lister 13 what time is that
Bang you would use that graph to show the effects of a tax. So, increase in cost of production leading to higher prices, link to quality demanded and consumer and producer surplus... Then elasticity when evaluating it
Except reality has proven the absolute opposite, where when common access resources like forest becomes private, without hard regulations, they often if not always end up over exploited.
This isn’t in edexcel course is it?!?!
Alex Francis uh
Property rights are mentioned but it isn't a significant part of the spec so it would be surprising to see a question on it but it could be a point to bring up in another question
No not really but a 4 minute video widening your knowledge shouldn’t do much harm
nah its not in edexcel
It's in AQA i don't think it is in Edexcel
Thank you!
I know this isn't related to this topic but whats the difference between contestable markets and monopolistic competition?
Contestable markets is a market where there are low/no barriers to entry/exit resulting in high competition and lower prices/Hit & Run competition. Monopolistic competition is just imperfect competition which can be contestable. Someone correct me if I'm wrong!
Adaaaaaaaaaaam there are defo sunk cost in contestable markets which is a barrier to exit
contestable markets are to do with the threat of new competition e.g. Uber threatening the taxi industry. Monopolistic competition is where you have the low barriers to entry and high levels of competition. Example being restaurants.
there are no barriers to exit in contestable markets, hence they're contestable
Can you please release the macro facts video asap?
There is a spelling mistake in the thumbnail
is this that likely to come up?
I've not really started revising for my economics exam next week yet(which is stupid but, ive focused on other subjects more) what would you suggest to focus cram revision on and how would you go about it?
haha bro i was in the exact same place a few days ago. I'm trying to do a topic a day until the first exam. i havent gone over everything yet but i'd make sure you know the market structure diagram and features, that you understand market failure and probably some of the basics of labour economics.
sean cheers mate
would agree with sean but definitely practice exam structure too and get some examples ready.
I thought I was alone 😭 AQA ?
@@ignite-wc4zj what did u get
God help us
Ty fuck arsenal
dammit you removed the live stream video!
you legend
Mtlb kya zerorat the angrezoon ki accent mi maan behn ek krne ki ek word ni ata smj bol kya reha hai normally bolo or thoda clear then it will help
Can I have your email address? I need your help with my economic course.
*market failure
Eggs