Thank you for watching. Best wishes on your economic studies.

Thank you comment. The total cost for the video were calculated in the video Total Cost (kzbin.info/www/bejne/joTEk6ire71nf6c). Unfortunately, the video was produced over ten years age before the KZbin introduced cue card to reference related videos. One of my projects is go through and add cue cards to reference video and outros to those original videos. I am sorry for any inconvenience I may have caused.

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Thank you for watching. If you have any questions, please feel to put them in the comments.

I am glad you found the video useful

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Hopefully, you found it useful.

Thank you so much for your comment. I am unsure what you are trying to say with your comment, "If only it were that easy. Businesses rarely seek equilibrium, as such, they try to find out how much they can charge to make the most money. " I hear you say that businesses seek to find the best price they charge to maximize profits. If I understand your view, it is consistent with the model. Economists assume that firms are profit-maximizing identities and will seek to maximize their profits by charging a higher price. However, I noticed that you did not discuss the role of the consumer. Businesses can only charge what consumers are willing to pay. So, market equilibrium depends not only on what firms charge but also on what consumers are willing to pay for the good - if a consumer doesn't want the good, the seller has two choices: either lower the price of the good or stop producing the good. So, in either case, the producer is dependent on the consumer. My uncle was an apple orchardist who drove an hour and a half to a relatively large city to sell his apples at a farmer's market. My father and I would join him to help him to sell apples in the fall. Before the market opened, my uncle would "walk the market" to see the prices and quantities of apples his competitors offered and adjust his prices to match their prices and quantities. He would walk around the market again around noon, and if he noticed a change in his competitor's prices, he would adjust his prices accordingly. Incidentally, his competitors were doing the same thing. He better understood what consumers might be willing to pay for his apples. I appreciate your comment and am grateful you are willing to share your views on my presentation.

Thank you for time and interest in my video and taking the time express your view point. The U. S. government calculates the inflation rate using either the Consumer Price Index(Bureau of Labor Statistics) or the GDP Deflator (Federal Reserve System). Let's look at your comment, "Over the last few years, businesses have failed to lower prices despite higher inflation; and as inflation has cooled, prices have largely stayed the same. Over a longer period, even though real wages in the U.S. have not increased (inflation-adjusted) for decades, the price of goods and services in many markets has not come down accordingly." Inflation is the percentage increase in prices over time. For example, suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% (I hope not ), the price will increase to 11.00 USD per pound (24.20 per kilo). Deflation is the percentage decrease in prices of over time. For example, if the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. During 2022, the inflation rate for the price of apples decreased by 10% (-10%), and the price of apples will decrease to 9.00 USD pound (19.80 USD per kilo). Most economists use the term "cooled" to mean that inflation has decreased but not entirely disappeared. So if inflation decreases from 10% to 5% or from 10% to 1%, inflation has "cooled" (Federal Open Market Committee, a division of the Federal Reserve System, has a target of 2% for the U.S. economy). Generally, the term does not mean that inflation is 0%/ So, let's look at two examples of inflation "cooling." Suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% in 2023 (I hope not ), so the price of apples will increase to 11.00 USD per pound (24.20 per kilo). In 2024, the inflation cooled to 5%. So, the price of apples has risen by 5% or 0.55 USD per pound (1.12 USD per kilo) to 11.55 USD per pound (23.32 USD per kilo). So, although inflation has decreased by half, prices are still increasing. Let's look at the second example of cooling. Suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% in 2023 (I hope not ), so the price of apples will increase to 11.00 USD per pound (24.20 per kilo). In 2024, the inflation cooled to 0%. So, the price of apples has risen by 0% or 0.00 USD per pound (0.00 USD per kilo) to 11.55 USD per pound (23.32 USD per kilo). So, since there is no inflation, it implies that prices did not change in 2024 and have remained the same as they were in 2023. For the price of apples to drop, inflation must drop below zero percent (deflation). So, to return the price of apples to 10.00 USD per pound, it would require an inflation rate of - 9.09%. Of course, dropping the inflation rate to -9.09% would most likely lead to a recession. You made some thoughtful and interesting comments. and I glad you felt comfortable enough to add to the video.

I am very thankful for your comments and observations. I am also a little unclear about your statement, "And, contrary to economic theory, they're not left with a surplus." I hear you saying that firms never have more inventory than they can sell at a given price. Hopefully, I understand you correctly. So, in your view, why do stores have sales? Or why do automobile companies have incentive programs during recessions, but during economic good times? Or why does the Federal government buy milk from dairy farmers who overproduce milk? I am grateful for you interest and comments.

Thank you for your comment and question. I am sorry for my delay in responding to your comment. The graph of marginal utility (additional value) and the demand curve are different concepts but are related to one another. The marginal utility graph measures the relationship between the amount of marginal utility (additional value to the consumer) and the consumption of an additional unit of good. Let's consider the consumption of pizza (or any type of food). Eating a few pieces of pizza is very satisfying, but eating three or four whole pizzas is probably not very enjoyable. Demand is the relationship between price and quantity demanded, and the price consumers are willing to pay per unit of the good (a slice of pizza) decreases as consumer demands more of the good. In economics, the price of a good that a consumer is willing to pay reflects the value of the good to the consumer. So, if the marginal utility (or additional value) to the consumer declines, the consumer is willing to pay less for an additional unit of good (or slice of pizza). You might wish to check out the Modern Utility Theory video (kzbin.info/www/bejne/pGXbn2x6qJengbs), and Finding Demand (kzbin.info/www/bejne/h2a1mmqwq9CSpbM) video.

I am glad you found the useful.

Thank you for your comment. This series was my first attempt at video making ten years ago. I am working on redoing this the series.

Thank you for your comment. I am not sure what you are trying express. Best wishes.

Thank you for catching the error. You are correct.

Thank you for your comment. If you have a topic you would like to see a video on, please put it into the comment sections.

Thank you for your comment. If you have a topic you would like to see a video, please put it into the comment sections.

Thank you for your comment.

Thank you for your positive feedback.

Thank you for your comment.

Thank you for comment. Good luck on your economics studies.

Generally, the approach would be add the squares of market share of all firms. For example, if the market contained 500 firms, then the HHI is the sum of 500 market shares squared. The calculations with large numbers of firms are probably best done a spreadsheet (e.g. Excel or Open Office Calc) or using a program, for example Python or R.

One follow up comment. If size of the industry is very large, it is extremely unlikely there is any significant concentration.

I hope you were able to pass your quiz.

Thank you for comment.

I am sorry you did not find the video useful or interesting. I was hoping that you might finding a more positive way of expressing your opinion than using the term "woodlouse". I am thankful for you willingness to add a new word of Russian to my vocabulary.

I am sorry I missed you comment. Thank you for watching.

Thank you for the comment.

I am not sure what you are asking.

I am glad you found the video helpful.

Thank you for sharing your suggestion. Your suggestion is actually the average revenue formula. Unfortunately, it only works for the scenario where the price of the good is constant, that is in perfectly competitive market. In a market with a monopoly, the price declines so the marginal revenue is not equal to average revenue. Suppose the following: TP Price TR Average Revenue= TR÷TP Marginal Revenue =(TR2-TR1) ÷ (TP2-TP1) is AR =MR? 1 30 30 30 NA No 2 25 50 25 20 No 3 20 60 20 10 No 4 15 60 15 0 No If we compare the results of using average revenue formula, as you suggested, and the marginal revenue formula the results are different. So, I am reluctant to recommend your suggestion to my viewers. Thank you for your willingness to share your thoughts.

Thank you pointing this out. I will review and make the corrections.

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I am glad you found the found video helpful. If you have some suggestions for future videos please let me know.

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Thank you for you comment. Good luck on your exam.

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@Gladston Grinnel lmao true