Chapter 4: Supply and Demand - Part 1

[@templechukwu8916]

No doubt, Dr Azevedo is one of the best Economics teacher in the World. Thank you for the lucid explanation. Quite awesome!

[@ManusiaBiasa-jk5ru]

Pak, saya mengucapkan banyak terima kasih kepada Anda. Saya merasa bersyukur dan terberkati bisa belajar ekonomi dari Anda. Semoga anda sehat selalu dan segala hal baik bisa anda dapatkan. Saya sangat berterimakasih kepada Allah karena sudah dipertemukan dengan Channel KZbin ini. Terima kasih

[@ilupeter5393]

This is just incredible, your style of teaching and the way you are able to break down and explain those economic chapters into smaller chucks for us to understand is exceptional. I am grateful for all the contents you have created for us online learners to view and learn free of charge.

[@bakhtawarjehangirhaleem7873]

Your videos are one of the simplest to understand, yet one of the greatest to learn from. I also really like the short stories of your life. Great video and please make more!!!!

[@DrAzevedoEcon]

I'm glad you enjoy them!

[@berkeoksuz-vb2xi]

@@DrAzevedoEcon would you recommend me any website to practicing for my exams

[@Tinhdang123]

I have to watch your videos before attending my Econ class, so thank you very much for all of your help! You make my life easier.

[@mmbogo2873]

Talented teacher. Great

[@DrAzevedoEcon]

Thanks for watching!

[@bbeeyangli]

this is the only economics course i like! thank you! i dislike the cowen's course ,they just put conclusions directly(ignore the conditions), make me feel like economic is a fake science. and things are not clear actually in their course. yours is incredible, clear, more like a science. i love it. these two economic courses are great top1 couses.

[@GirinSofia]

Thank you so much professor, thanks to your videos I passed my exam. Hello from Seoul

[@RohitSaini-zd1kc]

Best economics teaching

[@duongyst5972]

The way you explain is really easy to understand. Thank you so much. Its really helpful to me 😊😊

[@ghanatoolstv2220]

What an excellent teacher!

[@DrAzevedoEcon]

Thank you!

[@WijthaGayan]

Thank you so much for your videos sir. I've been struggling with Econ at uni but your videos are actually making it possible for me to help other students understand the content. Great videos👍❤

[@DrAzevedoEcon]

I'm happy to hear the videos are helping!

[@sarthakpriyadarshi5718]

what an excellent prof to learn from ! thank you sir ( respects from INDIA )

[@tiananguyen5940]

Love what u did, please continue sharing your wonderful knowledge and understanding ❤❤❤❤❤❤

[@mortazakhawari923]

Dear professor, thank you so much for producing and sharing these videos to whom likes economics.

[@12smart899]

you are perfect teacher DR a🎉zavede

[@user-fd1pg2vl6t]

Thanks for your amazing lecture! It’s very interesting to think about “identical goods”: Identical goods are not whether goods are literally identical but consumer perception of the goods. ❤

[@DrAzevedoEcon]

You're welcome! Consumer perception is definitely what matters.

[@oe4270]

Thank you Prof. I like the way you start the lecture. Thank you again and pls keep the good work.

[@DrAzevedoEcon]

Very happy to help!

[@rushanakhusanova8497]

So easy to understand, thank you professor

[@marcocfitness]

Precise and easy to understand. Thank you so much

[@m.hoeller04]

God loves you all. He even sent his son Jesus so that he can put our sins off of our shoulders. Turn to Jesus before it´s too late. Thank you, God bless you!

[@somamohomed1540]

You turn to one and only God in this world who creates you and I there is no God accept Allah 🙏 And we believe that Jesus cs is only messenger of Allah like other messengers..thank you

[@anushkagupta3962]

love the way of your explanation.

[@DrAzevedoEcon]

Thank you!

[@mnurullahh]

Great lecture, thank you Professor

[@DrAzevedoEcon]

You're welcome!

[@Wearenick]

I enjoy these videos.

[@DrAzevedoEcon]

Glad to help!

[@nationalcoordinatingcoalit139]

You're a boss; great explanation!

[@sohoj-arp]

Awesome lecture

[@MusicodeDios4ever]

Hello Dr. Azevedo, Do you have a book of your own that I might be able to purchase to make my learning easier?

[@kofiadjavon5641]

Good lecture

[@DrAzevedoEcon]

Thanks! Happy to help!

[@abdul9571]

Hi teacher, I really love your method of teaching, and I just have a question. Is an advertisement for a product consider a demand shifter? CUZ when Cristion Ronaldo who is a soccer player remove a Coca-Cola Bottle while he was doing a press conference, most people stop buying the product the next day!!

[@DrAzevedoEcon]

Yes, this can definitely shift the demand curve. It would go in the category of tastes (preferences). Firms try to change our preferences using advertising, but preferences can also be influenced by the results of medical research, high profile people using (or not using) a product, etc. The Ronaldo incident is a little different though. The impact of what he did wasn't so much that people quit buying Coke....it was that the price of shares of Coca Cola stock dropped by 1.6%. If you look at what happened to the overall stock market at that time (June 10, 2021 to June 18, 2021), there was a general decline in stock prices. That means that the decline in Coca Cola stock price probably didn't have much to do with Ronaldo. By July 14th, the price of a share of Coca Cola stock was higher than it was when Ronaldo moved the bottles. This is a good example of the 'post hoc, ergo propter hoc' fallacy. It's the idea that one thing caused another things simply because it came first. Examples of the fallacy are abundant in the media.

[@abdul9571]

@@DrAzevedoEcon Thank you so much.

[@samasihghazanfari1544]

thank you

[@gjayadevan2]

Brilliant!

[@ummekalsoom7325]

it's appreciatable!

[@divyavisharadshukla]

💚 from India

[@shrajaltripathi279]

How share stock exchange identical... When the prices are different... And buyers are careful aur price of shares they buy??

[@mutalemutale4142]

Thank you so much ❤

[@DrAzevedoEcon]

You're welcome! Glad to help.

[@danielagonzalez55577]

Hello Professor. Thank you so much for your videos and sharing such valuable information. It is clear and very understandable. What is the textbook that you are using? Would it be helpful to acquire it?

[@DrAzevedoEcon]

Hi Daniela! My videos are all based on Mankiw's Principles of Economics. I highly recommend it. You can find older editions on eBay.

[@livenite9058]

Hi professor, do you plan to make more video in the future? I’m 1 of your fan

[@KageManTV]

I know this comes late Prof. But thank you so much for these videos. I'm doing economics now and this has been a god send. What software are you using to write out everything though it seems like you're writing in reverse? The effects so cool.

[@DrAzevedoEcon]

Thank you! Glad the videos are helpful. I'm actually using a light board...there's no special software. The image is simply reversed so that you can read what I'm writing. It works great.

[@sarthakpani9381]

I also thought of the noodles, sir.

[@DrAzevedoEcon]

Haha!

[@ogundipejustina9562]

Dr. Azevedo, your teaching has been great for me. However, as for this class, particularly on demand schedule, you started the price with zero. I don't really think there is a commodity with zero price sir.

[@DrAzevedoEcon]

Glad to help! You're absolutely correct....prices of zero would be highly unlikely. I use that example only to help people understand the relationship between the demand schedule and demand curve.

[@ogundipejustina9562]

@@DrAzevedoEconI gat the gist.

[@jeffreylaryea8120]

Prof...thank you very much,your video helps me alot and I even recommend to most of my cost mates...but pls there is something which is not clear ...I want to know if for inferior goods there is jus a movement on the demand curve or the demand curve shifts...

[@DrAzevedoEcon]

Glad the videos are helpful. Here's the answer to your question. For both normal and inferior goods, a change in income will cause the demand curve to shift. For a normal good, an increase in income will cause the demand curve to shift to the right. For an inferior good, an increase in income will cause the demand curve to shift to the left. I hope that helps.

[@jeffreylaryea8120]

@@DrAzevedoEcon Pls when am trying to draw the graph for that there is just a movement along the deman curve .since an increase in income decrease demand and vice versa...is like there is an negative relationship between price and quantity but for normal good my curve shifts....and when I was reading some books too I they said with inferior goods there is a movement along the curve ...this has made me so confused prof....I really wish you can help understand this well...pls I will be looking forward for your answer..thank you

[@jeffreylaryea8120]

@@DrAzevedoEcon I had an assignment and when I was trying to draw the graph I was finding it difficult because with inferior goods there seems to be a negative relationship between price and quantity demanded

[@DrAzevedoEcon]

@@jeffreylaryea8120 If you're reading another book that is telling you that with an inferior good you move along the demand curve, then I recommend not reading that book....it's wrong. A change in income causes the demand curve to shift. The only issue is whether it shifts to the right or the left. That's the difference between a normal good and an inferior good. When income goes up, demand for a normal good will increase (shift to the right), while an increase in income will cause demand for an inferior good to decrease (shift to the left). Perhaps the book that you are looking at is referring to a shift along the supply curve? When income changes, the demand curve will shift, which causes your new equilibrium to be at a different point on the supply curve. It other words, you move along the supply curve.

[@jeffreylaryea8120]

@@DrAzevedoEcon thank you very very much prof..I now understand..so am increase in income with the price of an inferior good still the same..the demand curve will shift to the left..and vice versa....? Pls is that it....

[@nehanthv4238]

42:43

[@syedsaqibali1482]

Hello professor. One thing I want to ask is that is there any proper economics course that you are providing online that we could join?? Your way of teaching is awesome

[@christinaashley1]

When I think of inferior goods I think of fast fashion

[@katheryninh4736]

Thank you so much

[@mixkds6635]

the marginal cost of watching your videos would be bigger than the marginal benefit if and only if death was the op cost