@@taiwohassan6506 Depending on the version of excel you have, there is a "solver" tool which allows you to input the two (Demand and Supply) equations and it will solve equilibrium P and Q for you.
I appreciate the kind words, and the subscription! It's really encouraging for me to hear that I'm making a positive impact on students learning about economics! :)
You are really a magician. I have tried studying this concept 2 years and till now i could not get this, but your explanation is next level, I appreciate you. thanks and much love ♥from INDIA 🕉
Hey just a friendly tip, it would be more clear to pair red with another color to avoid confusing people with red/green colorblindness. Other than that, love your explanations ❤
I appreciate the feedback! In videos after this I made sure to switch up the colours as a colourblind friend of mine had the same constructive critique! Glad you’re enjoying the videos 😊
Have my first exam of the semester today watching this to refresh is great cuz we didn’t go over this in class like at all and yet it’s gonna be on the exam lol 😂
Sirr thankss you help me a lot when my teacher discuss this i can't understand because of my seatmate is so loud and annoying thanks A lot btw is this subject is economics?
Do I keep the negative & positive always on the side it presents itself in the original formula. for example 100-3p = 2p+20. So when we separate the constants and the P's the negative stays with the left and the positive with the right? Hope that makes sense.
When you switch anything to the opposite side of the equals sign, you have to change the sign. So for 100 - 3P, the negative sign is attached to the 3P, and so when you move that to the other side, it becomes + 3P. Which would yield 100 = 2P + 20 + 3P. But you'll want to only have P terms on the right, so you would move that + 20 to the left, where it will become - 20. So now you have 100 - 20 = 2P + 3P. Does this help?
Why must the supply and demand balance out in a market equilibrium? What is meant by the equilibrium price? Why do you need to use the equilibrium price to work out the values for both p & q? Thank you.
The intuition is that in equilibrium, supply and demand equal each other and so at the equilibrium price there is no surplus or shortage of quantity in the economy! It's the price that makes the consumer AND producer both happy to engage in market activities. If the price is higher than equilibrium, the consumer is worse off and will demand less. Therefore there will be a surplus. If the price is lower than the equilibrium price then the producers will be worse off and supply less. In this case there would be a shortage! We call both of these cases "disequilibrium." Hope this helps :)
So as you'll see in the video, the supply and demand curves are actually linear. So the 100 and the -3P are actually the y-intercept and the slope, the same as if it was in y=mx+b form. Does this help?
that's very helpful thanks, so how can we solve for complementary goods e.g Qd=410-5Ps-2Pj , Qs=-60+3Ps where Ps:price for slacks and Pj:price for jacket
You’re welcome, and great question! So if you were given the supply and demand equations of individual goods, then yes, you’d be able to graph supply and demand equilibrium twice, once for each good. This would give you an equilibrium for each good. However, sometimes you’ll be asked to plot what’s called the market demand and market supply, which is all of the demand curves added up, and all of the supply curves added up for all individuals in an economy! Hope this helps :)
What would be the producer surplus for these functions? Would it be the area of the trapezoid as we would ignore the area below the x-axis (as y-intercept of supply function is -10)?
I have a query, if the demand function is in fraction what’ll we have to do then? I mean the equation is like this- QD= 1/2(5-p) QS= 2p-3 I’m confused as hell, and great video Btw (subscribed after watching this vid)
We made a video about calculating equilibrium when there's fractions: ruclips.net/video/cecL5G-BEDQ/видео.html Also, I appreciate the sub! Economics can be really confusing when you're first learning it, so I'm glad you are finding the videos helpful!
No problem! And yeah, it’s a tough subject, but very rewarding once you understand. Hopefully you’ll find some of our other videos helpful to get you through!
Don't forget to like the video and subscribe to the channel to see more economics content like this in the future! :)
how can we solve this particular problem in excel
@@taiwohassan6506 It depends. Are you trying to graph it in excel or simply solve using algebra in excel?
@@ThinkEcon I am trying to solve it using algebra
@@ThinkEcon and it's important, I do it , I have solved with hand but I need to solve with the equations in excel
@@taiwohassan6506 Depending on the version of excel you have, there is a "solver" tool which allows you to input the two (Demand and Supply) equations and it will solve equilibrium P and Q for you.
Broken down so perfectly that even someone like me who's mathematically illiterate can understand it. Thank you; you've earned a new subscriber!
I appreciate the kind words, and the subscription! It's really encouraging for me to hear that I'm making a positive impact on students learning about economics! :)
😂😂😂
@@prashnashrestha6861 What's so funny? Is everyone supposed to be great at math???????
@killerfrank8974 I was wondering the same thing 🥲
@@killerfrank8974 Yo mama😉
I spent two hours trying figure it out just to come here and for you to explain it in two mins. Thank you
You're welcome! Glad I could help you out
was battling to understand this by myself from my course notes, in a couple minutes you taught it to me perfectly. Thank you so much dear brother
I'm glad I made everything crystal clear for you! I appreciate the feedback :)
Fr me too ✨🙌🏼
You are really a magician. I have tried studying this concept 2 years and till now i could not get this, but your explanation is next level, I appreciate you. thanks and much love ♥from INDIA 🕉
I'm really glad I was able to help! 🙂
Have my Mid-term next week, your video helped me to finally understand how to calculate it, Thank you!
I am really happy to hear that! These types of comments are so encouraging for us. Good luck on your midterm next week! :)
I have a learning disability and need microeconomics for my bachelor's and you made this so much easier than the textbook did ty
I’m glad I could help! You got this!
Am from uganda studying at kyambogo university, this work has helped me to understand this point
Thank you for helping me alleviate my frustration, this is well explained!
I’m glad I could help!
I was struggling in solving this but fortunately for me your video has helped me to understand it very well, Thank you Soo much
You're very welcome. I'm glad you found this video helpful! :)
Waw
Just waw
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I’m really glad you found it helpful :)
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Glad you found the video helpful! :)
thank you so much man tomorrow is my economics exam.
Easily understood love from Nepal
I'm glad the video helped! Good luck on your exam :)
Great video, Easy to follow along and understand
Thank you! We appreciate the feedback and are glad you found it helpful! :)
Have liked ur videos,they are clear to us the slow learners
I’m glad you appreciate it; I’ve always found that to be the best teaching style, both in video and in person!
thanks you not only teach how to do it but you also taught how it actually works
I find that teaching how it actually works goes a long way when it comes to truly understanding the concept. I’m glad you found it helpful! ☺️
Dude, you're a life saver.
Thank you so much for this ! I’m currently taking Econ and I feel like I’m drowning.
It can feel overwhelming at times, no doubt. You’ve got this!
Hey just a friendly tip, it would be more clear to pair red with another color to avoid confusing people with red/green colorblindness. Other than that, love your explanations ❤
I appreciate the feedback! In videos after this I made sure to switch up the colours as a colourblind friend of mine had the same constructive critique!
Glad you’re enjoying the videos 😊
Saved my exam, thank you so much
I watched a few videos and was so confused... this one was incredibly easy to follow. Thank You!
I’m really glad to hear that! You’re very welcome :)
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I’m glad it was helpful! :)
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I'm glad you enjoyed the video!
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Have my first exam of the semester today watching this to refresh is great cuz we didn’t go over this in class like at all and yet it’s gonna be on the exam lol 😂
Thank you for this video. It helped me in understanding much better🙏🏽💖
Keep on the good work, you're amazing ❤❤
I appreciate the kind words! :)
I got what I needed, thank you so much for your efforts
Glad to be of service!
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I appreciate the positive feedback!
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Glad to hear it!
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I'm glad you found it helpful!
O thnkuu ....we understand better than teachers from uhh 🤗
Glad I could help!
What a good teacher
I appreciate the compliment :)
Good teacher , thnk you
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Glad I could help! 😊
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Glad to hear it!
Thank you from India ❤❤❤❤
You’re welcome!
I really appreciate your efforts
You’re very welcome ☺️
really helpful to my home work 💖
Glad you found it useful! :)
👌perfect down to the last evry detail
Hey this was helpful, thanks! 😊
I'm glad to hear it! You're very welcome!
You hited the nails on the head 🙌.
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Glad I could help!
Thanks
U are a life saver
Glad the video helped! :)
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Glad to hear it! 😊
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Indeed it was! Glad I could help you understand!
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EXCELLENT EXPLANATION
Thank you!
Thank you for the good work
You're very welcome! Glad you enjoyed it :)
Thank you very much this video helped a lot❤
I’m really glad to hear that! :)
Thank you super easy to catch up 😉
Beautiful one there
Good explanation
Thank you!
Thnx sir 😊 helpful video 📸
Glad to hear it!
Helpful video sir, but I have a question (how to calculate elasticity of demand in this condition )
This has really helped me
I’m glad to hear that! :)
Sirr thankss you help me a lot when my teacher discuss this i can't understand because of my seatmate is so loud and annoying thanks A lot btw is this subject is economics?
Your seat mate is a negative externality to the class
Thank you sir, it really helps😁
I'm glad you found it helpful! :)
Thank you well explained
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Glad to hear it! :)
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I’m glad to hear it!
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Glad to hear it!
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Thank you for your help and advice for equilibrium calculate basedon all these video is the best
You're welcome! We are happy that you found the video useful :)
So short thanks ☺️
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Thanks for your help
You’re welcome!
Thank you for helping me
You're welcome!
Do I keep the negative & positive always on the side it presents itself in the original formula. for example 100-3p = 2p+20. So when we separate the constants and the P's the negative stays with the left and the positive with the right? Hope that makes sense.
When you switch anything to the opposite side of the equals sign, you have to change the sign. So for 100 - 3P, the negative sign is attached to the 3P, and so when you move that to the other side, it becomes + 3P. Which would yield 100 = 2P + 20 + 3P. But you'll want to only have P terms on the right, so you would move that + 20 to the left, where it will become - 20.
So now you have 100 - 20 = 2P + 3P.
Does this help?
Thank you 💕
You're welcome!
AM NOT GOOD AT MATHS BUT THIS WAS VERY HELPFUL SIR
I’m really glad to hear that! :)
Why must the supply and demand balance out in a market equilibrium? What is meant by the equilibrium price? Why do you need to use the equilibrium price to work out the values for both p & q? Thank you.
The intuition is that in equilibrium, supply and demand equal each other and so at the equilibrium price there is no surplus or shortage of quantity in the economy! It's the price that makes the consumer AND producer both happy to engage in market activities.
If the price is higher than equilibrium, the consumer is worse off and will demand less. Therefore there will be a surplus. If the price is lower than the equilibrium price then the producers will be worse off and supply less. In this case there would be a shortage! We call both of these cases "disequilibrium." Hope this helps :)
@@ThinkEcon Thank you very much :)
Very well articulated
Thank you very much
amazing!
Thank you
Am having an exam in 4 hours time 👍
Good luck on the exam!
Good morning sir. What is 100 , -3p , 2p, in equation please explain it. Thanks
So as you'll see in the video, the supply and demand curves are actually linear. So the 100 and the -3P are actually the y-intercept and the slope, the same as if it was in y=mx+b form.
Does this help?
Thank you so much you are awesome
I'm glad you found the video helpful!
that's very helpful thanks, so how can we solve for complementary goods e.g Qd=410-5Ps-2Pj , Qs=-60+3Ps where Ps:price for slacks and Pj:price for jacket
THANK YOU SO MUCH!
You’re very welcome!
Thank you so much 🥺
No problem! Glad I could help :)
THANK YOU FOR THIS!
YOU'RE VERY WELCOME! Glad you found it helpful :)
thank you very much. But what if it is a two-good economy? Will I have two equilibriums?
You’re welcome, and great question! So if you were given the supply and demand equations of individual goods, then yes, you’d be able to graph supply and demand equilibrium twice, once for each good. This would give you an equilibrium for each good. However, sometimes you’ll be asked to plot what’s called the market demand and market supply, which is all of the demand curves added up, and all of the supply curves added up for all individuals in an economy! Hope this helps :)
@@ThinkEcon Yes, helpful. So grateful for your help))
subscribed!
What would be the producer surplus for these functions? Would it be the area of the trapezoid as we would ignore the area below the x-axis (as y-intercept of supply function is -10)?
Sukriya sir 🙏
Thanks alot for sharing
You're welcome!
Thanks sir nice class this
You're very welcome!
I have a query, if the demand function is in fraction what’ll we have to do then?
I mean the equation is like this-
QD= 1/2(5-p)
QS= 2p-3
I’m confused as hell, and great video Btw (subscribed after watching this vid)
We made a video about calculating equilibrium when there's fractions:
ruclips.net/video/cecL5G-BEDQ/видео.html
Also, I appreciate the sub! Economics can be really confusing when you're first learning it, so I'm glad you are finding the videos helpful!
@@ThinkEcon thanks for providing the link 😭 and yeah economics is hard
No problem! And yeah, it’s a tough subject, but very rewarding once you understand. Hopefully you’ll find some of our other videos helpful to get you through!
@Cocoa_miller25 so hard , my brain hurts😢
Thanks 🙏 ❤
You're welcome!
THANK YOUUUUUUU 🎉
You're very welcome!
Thanks ❤
You're welcome!
Thanks so much dear man
You're very welcome!
Very good class. I subscribed. Please tell me what are the tools you are using here to present this topic. Expecting your reply.