Chapter 6: Supply, Demand and Government Intervention - Part 2 - price controls and taxes

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DrAzevedoEcon

DrAzevedoEcon

Күн бұрын

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@rook839
@rook839 11 ай бұрын
these are the most detailed yet the most simply explained economics lessons i have ever witnessed!!
@azharhamza6654
@azharhamza6654 Жыл бұрын
The moment Professor started talking about how politicians fool the nation, I was like that's the most honest lecture, being a student of Public administration that was the most valuable moment for me. Thank you professor for helping me understand that one quoted line "a tax on buyers is exactly exactly equivalent to a tax on sellers" Lots of Love and Prayers.
@anushaaaa5001
@anushaaaa5001 2 жыл бұрын
Any chance you could continue making more of these videos, Prof.? They’re golden.
@malvynolizter
@malvynolizter Жыл бұрын
Love to have Intermediate Economics
@andrewelkins4920
@andrewelkins4920 4 жыл бұрын
It was cool for me to get to see this play out in a more theoretical way finally in a classroom setting. I got the chance to work at the corporate office of a logistics company and see first hand how different taxes and regulations cut our profits and lowered the wages we were able to pay to our employees. Really good work.
@krishnaghosh7454
@krishnaghosh7454 3 жыл бұрын
Thanks a lot professor for making this video. I was having a lot of problem in this chapter but because of this video I understood each and every stuff.
@badassboom22
@badassboom22 2 жыл бұрын
Thank you from Ukraine. Damn, it's the best explanation I ever heard
@AdilAkylov22
@AdilAkylov22 Жыл бұрын
How do you guys even study in such a horrible sucrumstances? университеты работают?
@pinglu4182
@pinglu4182 2 жыл бұрын
you are awesome! I love the jokes on taxing the grades of D and F.
@DrAzevedoEcon
@DrAzevedoEcon 2 жыл бұрын
Ha! I don't think the university would like it if I did that.
@Zaikr6
@Zaikr6 2 жыл бұрын
Thank very much this helps me alot. I have a test tomorrow and this video saved my day
@DrAzevedoEcon
@DrAzevedoEcon 2 жыл бұрын
I hope you did well on the test!
@ParitoshChauhan8906
@ParitoshChauhan8906 25 күн бұрын
Thank you professor from India!
@mohammadnasser6567
@mohammadnasser6567 Жыл бұрын
I really like your way of teaching. You have greatly helped me understand the concepts of microeconomics, so thank you very much. If you don't mind, I have a question for you and I would be more than happy if you could answer it: How can taxes be efficient when the supply curve is perfectly inelastic or the demand curve is perfectly inelastic?
@DrAzevedoEcon
@DrAzevedoEcon Жыл бұрын
Thank you! I'm very happy to be able to help. In regard to taxes. If either the demand or supply curve is perfectly inelastic, then the tax will have no impact on the equilibrium quantity, and the incidence of the tax will fall completely on the perfectly inelastic side of the market...the other side of the market will bear none of the tax burden. Because the quantity does not change (compared to the situation with no tax), this tax would create no deadweight loss. In other words, it would be efficient.
@s_s5578
@s_s5578 Жыл бұрын
The increase in tax actually always affects the buyer. Supplier only increase the price transferring the increase in tax in increase of price for the buyer. It doesn't affect the cost of production. We all pay VAT which is a tax on supplier transfered to the buyer. The only question is the elasticity of the product which is reflected on the market share of the supplier.
@terysantos2810
@terysantos2810 Жыл бұрын
Thanks!!
@rajeshsapkota6528
@rajeshsapkota6528 2 жыл бұрын
Would like to thank you from Nepal.
@raghavsharma4925
@raghavsharma4925 2 жыл бұрын
Sir, if taxes are equivalent on buyers and sellers (they may change depending on the elasticity of the supply/demand curve), then why are government officials legally allowed to use taxing certain groups as a method of acquiring votes? Shouldn't the government restrict their campaigns?
@DrAzevedoEcon
@DrAzevedoEcon 2 жыл бұрын
I don't think that restricting campaigns is necessarily the answer...there's too much gray area on what a "lie" is. I think the answer is that the voting public should be more informed about things like this. Bending the truth doesn't work as well if people know you're bending the truth.
@raghavsharma4925
@raghavsharma4925 2 жыл бұрын
@@DrAzevedoEcon I understand, thank you sir.
@blblablablablablablablabla4603
@blblablablablablablablabla4603 2 жыл бұрын
sorry to disturb, do you records your lesson chapter 8-12 ? I can't see it on the playlist
@DrAzevedoEcon
@DrAzevedoEcon 2 жыл бұрын
I'm currently working on some of these chapters.
@trixxpounce4962
@trixxpounce4962 Жыл бұрын
Hello, I don't understand why the tax burden is shared between the two. Like if it costs $1.00 to make a pizza, the price before the tax was $1.10 and the tax is $0.30, why can't the price for buyers be $1.40, so sellers can keep the amount $1.10 to cover their costs?
@DrAzevedoEcon
@DrAzevedoEcon Жыл бұрын
Because adding a tax to the buyers reduces their willingness to pay for the good (because they have to pay the tax in addition to the price of the good). This means that consumers aren't willing to pay as much for the good as they used to be....which means sellers are not going to be able to get as high a price as they used to....which means that part of the tax burden will fall on them.
@duongminh1972able
@duongminh1972able 2 ай бұрын
Tax on luxury goods or on cigarettes will not shift the demand curve to the left because they are not price elastic. People still smoke and try to buy luxury goods to satisfy their feeling or addiction. Government has money to support less privilege people.
@duongminh1972able
@duongminh1972able 2 ай бұрын
Tax on Chinese goods will lead US buyer buying US product because with similar price (after tax on Chinese goods) but better quality.
@richienickson8085
@richienickson8085 3 жыл бұрын
He would tax d's and f's i cant imagine that invoice😭😭
@Zaikr6
@Zaikr6 2 жыл бұрын
Why don't you forcus on calculations? Your channel does not contain microeconomic problems.
@DrAzevedoEcon
@DrAzevedoEcon 2 жыл бұрын
You might get more out of my Intermediate Micro videos. There are plenty of calculations. Visit my playlists page.
@Zaikr6
@Zaikr6 2 жыл бұрын
@@DrAzevedoEcon Thank you and sorry for being rude to you.
@duongminh1972able
@duongminh1972able 2 ай бұрын
Tax cut on US manufacturers will shift supply curve to the right, both US manufacturers and buyers benefit. This is Donald Trump policy.
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