Changes in Supply and Demand

We just learned about supply and demand. But how do these change over time? To answer this we must learn about elasticity. For elasticity of supply we must learn about input costs as well as supply determinants like subsidies and excise taxes. For elasticity of demand we must learn about the five determinants of demand. Let's check all of these out now!
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Animation by Ignacio Triana: / unraveled
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[@daxmarshall4969]

Even though I'm not even an economics major or enthusiast I am grateful for the dose of knowledge, Professor. ✌

[@cartergomez5390]

Me too.

[@cabbage2329]

When the demand is inelastic, but the cookies are fantastic.

[@llampaca5849]

AAAAAAAAAAAAAAAAĀAAAAAAAAAAAAAAAA

[@birdsayshello]

NOT THE CHIPS AHOY AD NOOO

[@nobody08088]

*because

[@glennpearson9348]

Well, I guessed "elasticity" would show up in this one, and what do you know, it did! Appreciate the discussion on supply and demand elasticity, Prof Dave. A common determinant of both supply and demand elasticity is "expectations" (supplier and consumer, respectively). You showed an entire empty store aisle labeled "toilet paper" to prove that point; a pointedly contemporaneous example, indeed. To bring this home for me, would you say that buyer expectations is analogous to "consumer confidence?" I ask because we hear the phrases "consumer confidence" and "consumer confidence index" in the news quite often.

[@mennh]

_There was this meme I had saved up ages ago that had a guy thanking you and calling you Chemistry Jesus..Thought about it to see if there is a channel and there is!_ _I Will start watching your videos since I need to Study Chemistry in 10th Grade ^^_

[@stigtalks3646]

Hi Dave! Do you think by the end of this economics series you can delve into complex social and political systems that also impact the production and distribution of resources, and maybe more viable economic models? The contemporary economic model on it's own is inadequate as it doesn't account for an enormity of everyday circumstances such as coercion during transactions and whatnot. This makes it a really useful lens for those who have relatively large amounts of capital, but not so much for those who don't. Keep it up! 👍

[@chriswinchell1570]

Hey Dave, do you think you can make some responses to “ItsBS” videos?

[@thomasrupert6458]

Professor Dave, are you going to do another debate any time ?

[@maryamhosseini9025]

Hi professor Dave. How much do you spend on making each video? I'm fascinated by your channel. They are really professional.

[@hazalhatip8536]

I need this information too

[@hazalhatip8536]

Hello Prof Dave. Could you please tell me which video editor you use?

[@ProfessorDaveExplains]

adobe premiere and adobe after effects

[@luisostasuc8135]

automation and computing have also increased efficiency by reducing the amount of waste in different supply chains. if you can use 50% less material, you save much more than the cost of that material, because you also need to store less, and throw out less. the only thing is that this makes supply interruptions more of a possible game-breaker

[@dorsamohammadzadeh294]

You are great

[@karambadawy398]

Thanks

[@LadyFurina24]

Yay!

[@iamothien9420]

What do you know about quantum mechanics prof? Ever made a video on that?

[@ProfessorDaveExplains]

yep check my modern physics playlist

[@virkutisss3563]

I don't get it, are the graphs right? they differ from the supply and demand video even the concepts are the same.

[@RobertoLion]

6:18 he should have explained the graphs more thoroughly...

[@mercy7540]

To Dave, I know this has nothing to do with the vid, but I gotta ask these two questions (I would love a response)... 1. Why did you stop posting tiktoks? 2. What's the most frustrating thing about your KZbin career? [You might not answer the 2nd question, cus I think that question belongs in a 'Ask Professor Dave' video, if u're still doing that series, but I just wanna ask. Cus the fact that u get significantly less views on other vids compared to your debunking videos, I feel like that's kinda frustrating in a way.]

[@ProfessorDaveExplains]

1) I only did TikTok because they chose me as part of their "learning fund" and paid me a bunch of money to post 40 TikToks. I didn't really see much point after that was completed, but maybe I'll do more one day. 2) All the trolls! I deal with so many. But it's my fault for making debunking content.

[@1jeruel]

@@ProfessorDaveExplains there arnt many channels that throughly debunk the mind poison pedaled by the ignorant/uneducated. It’s a small price to pay. Btw astrological pseudoscience is 1 tiny part of the multifaceted machine that is un-ironically referred to as magic/witchcraft. I would sell my left kidney and give u the cash if u debunked that giant mess.

[@botprag8049]

Cyber jesus is at it again😍

[@Mr_Vosakisen]

Amen.... Im sorry.

[@benaronson2410]

hi dave

[@pqrstzxerty1296]

How about forced supply and demand. You will buy this as we make it with a brand name on it at a high over price. um Apple.

[@broinlol]

how does excise taxes actually reduce production? because it lowers the profit? or is it handed down to the end-consumer who in return buys less because of higher prices? then wouldn't it indirectly affect production, by directly interfering in supply and demand? who is taxed is it the producer or the consumer? if it is the consumer it's not affecting production or supply.. it's affecting demand.. (sorry i'm no native speaker) also claiming that the general consumer is a rational being (these theoretical ideas require a rational consumer to make sense) is a bold move if you ask me.. (thinking about flat-earthers etc...) if that actually was the reality ad-creators would have a tough time, but that's just my opinion.. also it seems like i'm having some flashbacks and am just waiting for "the invisible hand of the market" scheme to pop up..

[@volodymyrboitchouk]

Economics really wants to be a "science", largely because those in power would really like a "scientific" excuse for why their seemingly awful practices are good actually, and why seemingly good things are actually bad. In reality, human society is too complicated to be approached purely with mathematics as in the "hard" sciences. In order for economics to actually have anything useful to say it needs to start seeing itself as one of the humanities and not as a science. Unfortunately, I'm prety sure the last person to take such a holistic approach was Lenin, and look how that turned out.

[@pqrstzxerty1296]

2:40 So how about, if you sell something to low, people think its too cheap and rubbish. Sell the same item over priced and very expensive, reduce production, people will race to buy it. Apple products, Sony Playstation 5

[@alexalbuquerquerodriguesal108]

Major difference there in form of "brand": Apple and Sony have brands and market power with different preference deppending on the brand of the product; what It was presented on the video is a perfect or near perfect market, therefore a company can't influece the demand with It's brand.

[@glennpearson9348]

A few observations, based on some of the previous comments. Art: Anything can be considered "art." Art is worth what someone is willing to pay for it. Not sure there's any supply/demand/pricing model that suits art. Wine: A really good example of intentionally under-producing and over-pricing, though most wineries will say that the cost of their production is inordinately tied up in liquor licensing and distribution costs.

[@alexalbuquerquerodriguesal108]

@@daniellassander Gotta agree with Gleen there, art may not be the best example, but for the rest It was pretty top notch, very good comment. PS: can't wait to research behavioral economics, this seens to be really good stuff.

[@bigsherk42069]

I’m just here waiting to not pay 1500 for a gpu

[@norad5335]

Can someone please help me to find who is this handsome man at 00:07 close to the board on the left

[@satvrtle]

no

[@norad5335]

@@satvrtle fuck you buddy He is the man of my dreams

[@jalapenoandbanana]

Oh no, there are more "all kinds of stuff" about supply and demand!

[@cicik57]

shhh, in consume -oriented pseudoeconomy there are only supply and demand!!

[@thureintun1687]

tokenomics

[@benquinneyiii7941]

3 D

[@cicik57]

this is chattering about that prices of movies or tennis racquets has something to do with real economy, avoiding the topic about priority of branges, questions about effectiveness with such monetary stimulation, how to calculate optimal desicion from driving the technological process up to macroeconomy.

[@naveen1328]

2:34 People are Dumb xD

[@FizzleFX]

This is so freaking boring i feel like in school and i had plenty of that!

[@daxmarshall4969]

No one forced you to watch. Also, this stuff is extremely interesting. It's the nuts and bolts of how society functions.