0:31 monopoly diagram 3:38 monopoly economies of scale evaluation 4:40 oligopoly game theory 6:48 indirect tax (demand/supply) 8:22 subsidy (demand/supply) 10:03 PED and total revenue 11:02 Trade union in a monopoly labor market. 1 reply. .
I can honestly say I am well a truly f*cked for Monday however I would like to thank you Dal for your time and effort into these videos. You have helped me more in 2 weeks than my economics teacher has in 2 years!
@@robbieg9573I don't know if you do the same exam board as me, but I do edexcel b, and the first 4 questions consist of 3 4 markers, and 1 6 marker. I usually get full marks in those which allow me to get like 18 marks. You only need like 30 marks more to get the c, or b.
for the subsidy diagram, he says c,d,a,p2 but i think he means c,b,a,p2 for the cost of the subsidy to the government. He explained it right but might have slipped up when reading the points out! great vid dal
Having to sit the autumn a-level exams because corona failed me in economics. You're my favourite human in the whole world and thank you for teaching me more than my teachers ever did these past 2 years :)
0:31 monopoly diagram 3:38 monopoly economies of scale evaluation 4:40 oligopoly game theory 6:48 indirect tax (demand/supply) 8:22 subsidy (demand/supply) 10:03 PED and total revenue 11:02 Trade union in a monopoly labor market
@@fahad7148 Replying to a comment from 3 years ago 😂 Well I’m happy to say I got an A* and currently finishing my 3rd year studying economics at the university of Sheffield. I hope you have fun sitting your A-levels this year
@@yevz6360 Yes, watch this man’s videos as much as you can. Keep going over and over them. Practice essays and be critical of the question in your conclusion.
@@yevz6360 Example of what I mean by being critical of the question if it says to evaluate policies to improve Uk competitiveness, question what they mean by competitiveness? If more price competitive, say … policy is relevant. If competitive on quality say … policy is more applicable. Hope this is clear
@@EternalShadow1667 Look at the differences in consumer+producer surplus. The firm still has the original supply curve, as thats what they are willing to supply at each price level, but can't because of the tax. The difference is triangle abd, the deadweight welfare loss
If you’re on about Perfect Competition then yes, both allocatively and productively efficient in the long run. But you need a different diagram for that, as P.Comp firms are price takers therefore their prices are in line with the market price
for showing competitive outcomes on the monopoly diagram, don't competitive firm produce at the output which makes normal profit rather than allocative efficiency?
I do Edexcel Economics A, it is in our spec (under labour markets section) , we've covered all of this at my school. He's just explained it graphically while in our spec we're required to know some knowledge of it. If the question talks about monopsony labour markets then this would be very good analysis. If you don't know the graph then don't stress just use other points i/e from the extract/ own knowledge or something to explain the question.
Hi Dal, Thank you so much for this helpful video, however, just wanna ask. 3:45, diagram 2, why do you take one equilibrium (Qm Pm) at MC=MR, another (Qc Pc) at MC=AR? So that one is profit max, another is allocative efficiency? But it is still a horizontal comparison?
This is because MC=MR is the lowest price that a firm can charge which has some meaning (allocatively efficient) and MC=MR is the highest which shows that unless competitive firms want to make extremely large losses they can not reduce prices lower than monopolies highest price maximising profit because of the difference in economies of scale. This diagram shows that monopolies price will always be lower.
I am crying at how much I don't know because my teacher left in November and didn't get a replacement until 2 weeks before Easter 😭😭😭😭 I wish I had Dal as my A level teacher
In the short term you gain more, but in the long term both firms lose out, this is because the other firm responds to the price cut and both end up with less than before by setting their prices lower
Amazing video, just a little nitpick though. Don’t know why he used a prisoners dilemma payoff matrix to map oligopoly behaviour instead of kinked demand curve. I feel that prisoners dilemma is just implied when u talk about collusion however kinked demand curve is extremely useful when you want to talk about key points like varying price elasticities of demand, price rigidity etc
Hi there, can you please post a video about negative and positive price effects? So, like what is the meaning of positive subs effect or negative income effect and why does income effect outweighs subs effect in giffen goods? Much thanks!
He's correct The smaller MC curve is a competitive firm/s who won't profit max as they are allocatively efficient so will price at MC=AR. This graph is showing how a monopoly has the potential to price lower and produce more than a competitive firm due to their greater economies of scale (could be purchasing economies of scale as they can bulk buy cheaper than a competitive firm allowing for a lower MC curve)
can someone please explain: for the subsidy diagram (5), is the consumer gain / saving P1,P2,D,E? I have looked and seen some saying it's that like Dal, but then some say it's P1 across to D and keep going across to the line, down to A then P2. Hope you understand thanks:)
Yeah, i wasn't sure about this when I saw it in the video as well. For tax burden, he uses the new quantity (after tax) and then for subsidy he uses the old quantity (before subsidy). I'm not sure which one is correct
Dal's consumer saving box is correct, this is because it is the amount of money saved by the consumers who were buying that output (Q1) at the previous price (P1), the triangle (D to A to E) on the diagram you mentioned is not included because this is *extra* spending by consumers at the new price level, they are buying a higher quantity than before and this is extra money spent, not saved, as it was not previously being spent. Hope this makes sense
This is the one dal, out here puttin in more effort into my revision than I have been
Definitely getting a ‘Dal Fade’ tomorrow in preparation for paper 1
You have a dead trim
Never seen someone get so aroused by diagrams 🤣
allow him he got love for da subject
Usamah HAHAHA funniest comment I’ve seen all day
My Guy HAHA
Econ dal is the best man around. He’s probably saved 10000’s of econ students
relatable
0:31 monopoly diagram
3:38 monopoly economies of scale evaluation
4:40 oligopoly game theory
6:48 indirect tax (demand/supply)
8:22 subsidy (demand/supply)
10:03 PED and total revenue
11:02 Trade union in a monopoly labor market. 1 reply. .
Thank you!
Thanks m8 and good luck
you sir, are a legend
Thanks!
I can honestly say I am well a truly f*cked for Monday however I would like to thank you Dal for your time and effort into these videos. You have helped me more in 2 weeks than my economics teacher has in 2 years!
same I've decided to wing economics, will probz still get a c, or b
@@thisismychannel6091 How are you able to wing it but still achieve a decent grade, I know the basics but I literally have know depth in my knowledge
@@robbieg9573I don't know if you do the same exam board as me, but I do edexcel b, and the first 4 questions consist of 3 4 markers, and 1 6 marker. I usually get full marks in those which allow me to get like 18 marks. You only need like 30 marks more to get the c, or b.
@@thisismychannel6091 Count yourself extremely lucky then, I do economics A Edexcel which is fairly different to that
@@robbieg9573 Yeah I looked at that shit, the grade boundaries are way higher as well. I wish you luck lmao.
watch everyone use the exact same diagrams on monday now
LOOOOOOOOOOOOOOOOOOOOOOOOOL XD
Looool
Lmao
21,000 Monopoly MC shifts
I’ve never seen a man so excited to see economics diagrams and it really brings out my passion for economics aswell. Thank you for the help Dal!!
If every teacher had your passion, school would be so much better.
Dal likes his LRAS's nice and curvy
Ooh Keynesian style
Dal for President 2020
Nobody:
Dal: SUCH A POWERFUL DIAGRAM!
That’s why he’s the GOAT.
Thank you daddy dal
Dal, please have my children
well and truly shitting my pants for my exam in TWO days 😍😍
for the subsidy diagram, he says c,d,a,p2 but i think he means c,b,a,p2 for the cost of the subsidy to the government. He explained it right but might have slipped up when reading the points out!
great vid dal
Now this is something I can get behind. Idk what paper you're preparing people for, but I am thankfull that you made these.
wallahi ur the only reason I revise
Having to sit the autumn a-level exams because corona failed me in economics. You're my favourite human in the whole world and thank you for teaching me more than my teachers ever did these past 2 years :)
You know what came up in paper 1?
The diagrams aren't the only thing that's powerful and hot...
0:31 monopoly diagram
3:38 monopoly economies of scale evaluation
4:40 oligopoly game theory
6:48 indirect tax (demand/supply)
8:22 subsidy (demand/supply)
10:03 PED and total revenue
11:02 Trade union in a monopoly labor market
Thank you 😘❤
Could we had a separate video on the last diagram for example explaining the change in Q. And potential questions which it could be used for.
11:11 can we appreciate how much this man loves econ 🤣
This guys enthusiasm is something to behold great stuff 👍👍👍
i have my exam in 12 hours and i cant thank you enough!
1 week boys
3 hours boys....
is it just me who sees a bit of Vikkstar123 in dal?
jus vikks eyebrows are fiercer
Don’t disrespect dal like that😡
dont have the time for vikkstar anymore😭
13 days to go… cmon Dal shun!
Dals not fasting with that energy
Blimey, I still remember these from my 1st year econ bachelors degree and that was almost 30 years ago. :)
Literally talks to like Vikstar. Imma need this energy on monday
*Legend*
Good luck for monday everyone x
TODAY IS MY EXAM MAY 2021! LET'S GO THX ECON PLUSDAL
Taking the CFA level 1 this week. You are very helpful. Thank you!
Fellow Econ students if any of us become epic business men, Invest in this man
Needed this for Monday. Thanks.
econdal please post some live essay writing videos it would help massively. I appreciate all your videos very much!
fresh trim dal, fade looking sharp
My teacher literally doesn't give a damn about us anymore, not even helps in revision and here is a hero saving our grades, thank you Dal.
Absolutely love this man
At 9:14 isn't the cost to the government the area CBAP2 rather than CDAP2
Yeah, you're right. It should be CBAP2. Good luck!
i was just coming to comment this
im cooked
i’m cooked beyond belief, my college didn’t give me any extra support in my 2 years of college
Wtf is that last digram. Never seen it until now and my exam is on Monday. Lmao
You've never seen a Monopsony Trade Union diagram? Yh ur tapped
@@fahad7148 Replying to a comment from 3 years ago 😂 Well I’m happy to say I got an A* and currently finishing my 3rd year studying economics at the university of Sheffield. I hope you have fun sitting your A-levels this year
any tips
@@yevz6360 Yes, watch this man’s videos as much as you can. Keep going over and over them. Practice essays and be critical of the question in your conclusion.
@@yevz6360 Example of what I mean by being critical of the question if it says to evaluate policies to improve Uk competitiveness, question what they mean by competitiveness? If more price competitive, say … policy is relevant. If competitive on quality say … policy is more applicable. Hope this is clear
Dal on Drugs is my new favourite economics teacher
im 90% sure i have adhd can not concentrate on this stuff at all
bro same
same holy shit im so glad im not the only one
11:11 Daaaaamn Dal
My guy 💯- Dal you’re even sexier than that trade union diagram
"thanks so much for watching, we're gonna do the same for macro"
we're in safe hands guys, it's all gonna be okay. AAL IS WELL.
Paper 1 tomorrow
Wish I was as enthusiastic as Dal about economics
You said the cost to government in diagram 5 is cdap2, wouldn't it be cbap2?
Dal is gonna save my economics A-Level for real
What did you end up getting ?
We need the prediction video out asap !!!
11:11
For question 4, i think the deadweight loss is incorrectly labelled. Instead of DWL of ABD shouldnt it be AB and point above D?
For anyone still confused, no it’s correct. No idea why though, I just searched it up.
@@EternalShadow1667 Look at the differences in consumer+producer surplus. The firm still has the original supply curve, as thats what they are willing to supply at each price level, but can't because of the tax. The difference is triangle abd, the deadweight welfare loss
thankyou again dal!
wow I just have 30 minutes left until Econ paper 1 and Im watching this cool
what exam board
For the monopoly diagram, isn’t a competitive market productively efficient? So why wouldn’t they produce where MC=AC?
If you’re on about Perfect Competition then yes, both allocatively and productively efficient in the long run. But you need a different diagram for that, as P.Comp firms are price takers therefore their prices are in line with the market price
Damn Dal and diagrams, get a room lol
You are amazing!
all my homies love dalplus
Leg
End
Isnt the MC Diagram at 4:00 supposed to be from MC=MR for MCc?
for showing competitive outcomes on the monopoly diagram, don't competitive firm produce at the output which makes normal profit rather than allocative efficiency?
Can’t wait to fail micro tomorrow!
Am I right in thinking that last diagram (7) isn't for edexcel spec?
I do Edexcel A, never see that shit. Wouldn't stress over it
I do Edexcel Economics A, it is in our spec (under labour markets section) , we've covered all of this at my school. He's just explained it graphically while in our spec we're required to know some knowledge of it. If the question talks about monopsony labour markets then this would be very good analysis. If you don't know the graph then don't stress just use other points i/e from the extract/ own knowledge or something to explain the question.
@@jaywoods4095 Would this come under 'Factors that influence the supply of labour to a particular
occupation'? Otherwise I can't see this on the spec
u are so much better than my lecturer
Hi Dal, Thank you so much for this helpful video, however, just wanna ask. 3:45, diagram 2, why do you take one equilibrium (Qm Pm) at MC=MR, another (Qc Pc) at MC=AR? So that one is profit max, another is allocative efficiency? But it is still a horizontal comparison?
I was wondering the same
@@nathanward4325 But in fact, if both of them are at equilibrium of prof max, still expresses the same idea I guess
That is the competitive market outcome at Qm and Pm
This is because MC=MR is the lowest price that a firm can charge which has some meaning (allocatively efficient) and MC=MR is the highest which shows that unless competitive firms want to make extremely large losses they can not reduce prices lower than monopolies highest price maximising profit because of the difference in economies of scale. This diagram shows that monopolies price will always be lower.
I am crying at how much I don't know because my teacher left in November and didn't get a replacement until 2 weeks before Easter 😭😭😭😭 I wish I had Dal as my A level teacher
I’m confused, in the Prisoner’s Dilemma part, if you undercut (só if you charge 90p) do you gain more or less than the other firm?
In the short term you gain more, but in the long term both firms lose out, this is because the other firm responds to the price cut and both end up with less than before by setting their prices lower
Dal, do you have a playlist which consists of everything I need to know for paper 1? Thanks in advance
Amazing video, just a little nitpick though. Don’t know why he used a prisoners dilemma payoff matrix to map oligopoly behaviour instead of kinked demand curve. I feel that prisoners dilemma is just implied when u talk about collusion however kinked demand curve is extremely useful when you want to talk about key points like varying price elasticities of demand, price rigidity etc
not all exam boards have kinked demand curve in spec such as edexcel , thats why
Hi there, can you please post a video about negative and positive price effects? So, like what is the meaning of positive subs effect or negative income effect and why does income effect outweighs subs effect in giffen goods? Much thanks!
so price ceilings would be good in monopolies?
4:30 Hello, isn't profit maximising MC = MR, not MC = AR?
He's correct
The smaller MC curve is a competitive firm/s who won't profit max as they are allocatively efficient so will price at MC=AR.
This graph is showing how a monopoly has the potential to price lower and produce more than a competitive firm due to their greater economies of scale (could be purchasing economies of scale as they can bulk buy cheaper than a competitive firm allowing for a lower MC curve)
Such an Inelastic good 😍 that’s my meritplusdal
Absolute legend!
can you make a video on how to answer section A of the CIE AS level paper?
I love this guy oml
@Econplusdal are you releasing an examples video this year?
11:10 just watch it for 5 seconds and you will have the power
THANK YOU BRO
#dalforprimeminister
fuck it i would vote for him
Dal’s voice Will be the last voice I hear before going into the exam hall
omg! I feel at this point Imma just have to go over the ones I don't know about only 5 hours to go #stressisreal
I wish I picked A levels to have you as my teacher : (
Can u use any numbers for game theory or specific numbers from extract/RWD?
u can use any. there's unlikely to be numbers in the extract personally have never seen it.
can someone please explain:
for the subsidy diagram (5), is the consumer gain / saving P1,P2,D,E?
I have looked and seen some saying it's that like Dal, but then some say it's P1 across to D and keep going across to the line, down to A then P2.
Hope you understand thanks:)
Yeah, i wasn't sure about this when I saw it in the video as well. For tax burden, he uses the new quantity (after tax) and then for subsidy he uses the old quantity (before subsidy). I'm not sure which one is correct
Brian Evans yeah exactly, you explained it better than me haha
Dal's consumer saving box is correct, this is because it is the amount of money saved by the consumers who were buying that output (Q1) at the previous price (P1), the triangle (D to A to E) on the diagram you mentioned is not included because this is *extra* spending by consumers at the new price level, they are buying a higher quantity than before and this is extra money spent, not saved, as it was not previously being spent.
Hope this makes sense
Hey dal, would you please predict which questions can come for ial economics unit 3,4 section A
3rd one don’t know about that man havnt seen that before mannnnn
even daddy dal can't save me now :') Rip
yo dal noticed on the subsidy diagram that you did put P3 the price if the entire subsidy was used for its purpose?? should i forget that
Goat
Wait Dal, how do you find the tax value of an indirect ad valorem tax?
Kosfinger being ad valorem doesn't change the diagram, it just makes it only applicable to that specific good
Mansa Musa it changes the diagram because it’s a percentage tax so the 2 supply curves have different gradients
That is the sexiest diagram I have ever seen in my life
12:00 I cannot stop laughing, dal
Thanks
JUST IN TIME MA MAN WHO HERE FOR IB HL
For which exam do you use these
an hour before the exam :)