WOW! Thank you for the explanation. I've got to say, not only does watching the videos on this channel give me a deeper understanding of the topics covered (and not covered) in my microeconomics class, but it makes me feel more confident in participating in the market.....I'm still learning the basics but wow thanks again for being such an accessible venue for education!!!
"Consumer Surplus" isn't a very good name for the concept it's supposed to describe. It very likely originally was "Consumer'S surplus". It doesn't describe a surplus of consumers; rather, it describes the "surplus" of money that consumers have left-over, as a result of the price not being as high as they would've otherwise tolerated it to be (at maximum).
***TEACHER RESOURCES*** Supply and Demand 5-day HS unit plan: mru.io/r18 Assessment questions: mru.io/principles-43da5 More high school teacher resources: mru.io/high-school-1a572 More professor resources: mru.io/university-teaching-8538b ***CONTINUE LEARNING*** Next video-What Shifts the Demand Curve? mru.io/demand-curve-4881d Practice questions: mru.io/deeper-look-7e2a8 Full Microeconomics course: mru.io/boc
How is consumer surplus simply the area under the curve? If you have to take the sum of all consumers don't you have to account for the fact that more people will be willing to pay less for a barrel then more. (in this example 7 people will pay 60 but only one person will pay 80, taking the area under the curve is 60+80 but in reality it should be 7(60)+80
I thought it twice and I think the issue is that it should not name it "Joe's surplus" because the X axis is not the quantity of buyers but the quantity of barrels of oil.
Hmmm, I think the area should not be the total consumer surplus, because there might be 1000 people who are willing to pay $20 but only 10 people who are willing to pay $80. The different price are not evenly weighted...
Yawn. This is the kind of video that turns a lot of people off of economics. Sorry, Tyler. There's gotta be a better, more entertaining way of presenting this.
This is great for foreigners. People in the Western World are accustomed to enthusiasm and intonation changing at every second. Whereas for those who know English as a second/third language, his way of communicating is great. If you need somebody "enthusiastic," to flame up your desire to learn, then maybe you need to seek inspiration from your own self or develop the want for an education without theatrical lecturing.
What should happen to the “demand for speed” (measured by the average speed on highways) once airbags are included on cars? * a. The demand for speed increases b. The demand for speed decreases c. The demand for speed stays the same The Answer is.... . . . . . . . . . . . . Think about it . . . . . . . . . A
this channel is a god send
WOW! Thank you for the explanation. I've got to say, not only does watching the videos on this channel give me a deeper understanding of the topics covered (and not covered) in my microeconomics class, but it makes me feel more confident in participating in the market.....I'm still learning the basics but wow thanks again for being such an accessible venue for education!!!
your explanation is the best, i hope this help me in my exams thank you so much for making this video it actually helps a lot
Found you guys pretty late for my exam but you've been nothing but helpful. Going to use whatever I learned here in the exam. Thank you x
Finally someone who really know and CAN explain properly.
"Consumer Surplus" isn't a very good name for the concept it's supposed to describe. It very likely originally was "Consumer'S surplus". It doesn't describe a surplus of consumers; rather, it describes the "surplus" of money that consumers have left-over, as a result of the price not being as high as they would've otherwise tolerated it to be (at maximum).
I'm confused because of that
Can't appreciate enough! Simply amazing 👏
Thank you so much 😀
-Roman
***TEACHER RESOURCES***
Supply and Demand 5-day HS unit plan: mru.io/r18
Assessment questions: mru.io/principles-43da5
More high school teacher resources: mru.io/high-school-1a572
More professor resources: mru.io/university-teaching-8538b
***CONTINUE LEARNING***
Next video-What Shifts the Demand Curve? mru.io/demand-curve-4881d
Practice questions: mru.io/deeper-look-7e2a8
Full Microeconomics course: mru.io/boc
This is just amazing please sir keep it going more and more thank you soo much
so helpful... thanks a lot for this contribution
WOW Lateralus
Thank you for this video! It really helped me a lot!
Great I understand your explanation 💚quite interesting 💯🙏
best , great learning
Thank you! Amazing job!
I LOVE THIS!
this is amazing
That was good to know thank you very much for the effort
Thank you!
thanks you so muchhhhh its so helpful
How is consumer surplus simply the area under the curve? If you have to take the sum of all consumers don't you have to account for the fact that more people will be willing
to pay less for a barrel then more. (in this example 7 people will pay 60 but only one person will pay 80, taking the area under the curve is 60+80 but in reality it should be 7(60)+80
Oh, you just mentioned exactly what I am thinking about
I thought it twice and I think the issue is that it should not name it "Joe's surplus" because the X axis is not the quantity of buyers but the quantity of barrels of oil.
@@qingli1347 It's the quantity of oil demanded, not supplied. Remember, this is the demand curve.
The number of persons is irrelevant. It's all about the quantities. 1 barrel for 80, 7 barrels for 60.....
wonderful
true brudda
Thanks you so much!
Thank you
I think the issue is that it should not name it "Joe's surplus" because the X axis is not the quantity of buyers but the quantity of barrels of oil.
But it's Joe's quantity and Joe's price, so it's Joe's surplus.
Hmmm, I think the area should not be the total consumer surplus, because there might be 1000 people who are willing to pay $20 but only 10 people who are willing to pay $80. The different price are not evenly weighted...
Of course it is. Everyone is weighted by his quantity. That's why you can add all the price x quantity slices up.
Holy shit u saved me from failing my class
Definitions 0:48
4:24
Hi
i love u bro
Nice
Play at 1.25x
"Remember from high school geometry" lol I'm in elementary school
Wow, what a flex. I wish I could've learnt Economics in elementary school.
bArrel
yo something's wrong with his mouth, i just can't stand it
Yawn. This is the kind of video that turns a lot of people off of economics. Sorry, Tyler. There's gotta be a better, more entertaining way of presenting this.
yeah the other videos on this channel / website are not bad at all (with the younger sounding guy, sorry), but this guy isn't the best..
This is great for foreigners. People in the Western World are accustomed to enthusiasm and intonation changing at every second. Whereas for those who know English as a second/third language, his way of communicating is great. If you need somebody "enthusiastic," to flame up your desire to learn, then maybe you need to seek inspiration from your own self or develop the want for an education without theatrical lecturing.
Great video! -- And it's for FREE! I'm here to learn economics, NOT to be entertained. Tyler is a professor not an entertainer!
What should happen to the “demand for speed” (measured by the average speed on highways) once airbags are included on cars? *
a. The demand for speed increases
b. The demand for speed decreases
c. The demand for speed stays the same
The Answer is....
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Think about it
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Great I understand your explanation 💚quite interesting 💯🙏