Episode 27: Monopoly

[@tiptopluongo]

i spent 4 months sitting in a lecture where my prof read off a powerpoint filled with errors, when i could've been watching this...thank you, you gave me some hope on my final!

[@paintedskies7477]

I don't know you. I've never met you. but I love you. thank you for making these.

[@crazyydreamerr7968]

ive been trying to understand this for over 2 days now. this video cleared up everything in 7 minutes. thank you so much! this is amazing!!!

[@24Keshan]

Thanks once again for your reply. You have been very kind in uploading all these videos for the benefit of others. I have been following the series with much interest. However, I couldnt find Episodes 29 & 30, and 35 and beyond. I seriously hope that you havent stopped uploading. Pls do upload these if possible. Thanks

[@xxprincesszeexx]

Exam on Monday and this is my #1 revision tool Thanks so much!

[@udoit123]

OMG these videos are like a gold mine, i learn something and I don't fall asleep

[@sideshowbob3402]

lol this is so much easier to understand than my stupid microecon book.

[@DannyMcCabe1991]

Extremely informative, easy to follow, concise diagrams. I have an exam tomorrow this is just what i need. Fantastic!!!!!!

[@clintonmichael5585]

Best KZbin channel for learning Economics👏👌

[@AndrewTJohn]

These videos are amazing thank you so much! My exam is tomorrow and im relieved!

[@EatLotsOfCurry]

I was searching for microeconomics videos and your's looked the coolest with the cartoons. Pair that with your pleasant voice and I'm retaining more than I would have in class. Thak you for making these videos!!!!!

[@kroniton]

I'm on my way to my micro final! This video is awesome and definitely helped me. Thank you!

[@armbrost]

I have used two of your videos as introduction to new topics in economics for IB-students. I find them very useful. Thanks

[@mjmfoodie]

That's particularly for the part where I'm comparing the monopoly to the competitive market; in the perfect competition model, it's the MC curve that shows the quantities supplied at each price level, so in the end, the MC curve ends up tracing out the firm's supply.

[@yogabagaba93]

Thanks so much, I'm at Australia's best university and world recognised and yet your explainaion has helped me so much. I was so confused. Thanks so much!!!!!!! Really appreciate your help. Take care

[@nestborg]

You are awesome and helping to educate the next generation. Thanks

[@AM-qc7gh]

Thank you! It's a very clear and comprehensive explanation. ^ ^

[@Rob_Kates]

I like the castle with the alligator and dragon. The illustrations are simple, yet effective. Economics could be a very boring subject, but you make it interesting.

[@wandadiggs4551]

Very good explanation. Way better than my professor! Thank you!

[@anthraxid123]

i really love your videos. good information. not enough "calculations" for my exams but still great :) thank you

[@sanjog2015]

these videos are very helpful thanks to your initiative..... i learned a lot from this video

[@KarinAlexis4]

You are so helpful!!! Thank you for helping me in my AP econ class!

[@Ocram101010]

These are great, Good Effort!

[@mjmfoodie]

@hubbzee I know I shouldn't make generalizations, but I've observed that universities often emphasize research, while community colleges emphasize teaching.

[@mjmfoodie]

No; there are about 5 videos that I had planned in my original outline that I have not completed yet (those are 3 of them).

[@iqraakbar2284]

Very well explained… Thankyou 👍👍

[@dollyfacegirl]

Better than my prof!!! Keep up the good work!!!!

[@bengisuv]

You're so helpful, thank you.

[@princessrandumx]

This is absolutely brilliant, thank you so, so much.

[@21221sara]

Omg I'm so glad I found your videos

[@shakeelch4166]

Hi

[@khushibogarram5632]

thanks a lot for the video... perfect explanation !!

[@icyhielaton]

hey! excellent videos! so when do you think the other videos will be ready? thanks !

[@mjmfoodie]

@milh467 Most charts like this actually have zero as the starting quantity, in which case I haven't started selling anything yet, so I can't talk about added revenue yet (hence the dash). In this video, I start with the very first unit sold, so previously (at zero units sold) there was $0 of revenue, and I can figure out how much the very first unit added (this wouldn't have worked with any quantity except the first unit).

[@charmalvarez9717]

hi guys on 3:15, I'm a bit confused on how she got the curve for MR. I've been trying to compare the dots with the demand schedule shown but still don't get it. For example. on the second dot Price = 8, Qty= 2. Can someone please explain this to me? Thank you so much

[@derekstephens1875]

+Charm Alvarez Price x Quantity = Total Revenue, Marginal Revenue = Total Revenue @ Quantity 2 - Total Revenue Quantity 1 when going up one unit. Total Cost @ Quantity 2 - Total Cost @ Quantity 1 = Marginal Revenue. The chart at 3:11 shows Quantity 1 having a total revenue of $10 and Quantity 2 having a total revenue of $18 so $18 - $10 = MR of $8 thus the point at 2 is at $8. MR is always done between quantities that are different by one unit so at Quantity 5 and Quantity 6 we would subtract TR of Q5 from TR of Q6 [30(Q6) - 30(Q5) = 0(MR)] so the point at 6 is at 0. At least this is my understanding of it. If I have something wrong I hope someone corrects me.

[@24Keshan]

Thanks so much....fantastic video. Just one question.....in the last part you say that MC curve is the monopolists supply.....how does that possible? Can you explain that please?

[@mjmfoodie]

Episode 28 has a little bit on price discrimination.

[@deepkumarsingh5668]

Thank you. The video was very helpful

[@claudiamichelato]

This is very helpful. Thank you

[@Cindayyee]

Perfect explanation!!

[@adriacollpujol7987]

thanks for the video compadre te quiero surmano. Besitos

[@d.k680]

You are a huge life saver

[@mjmfoodie]

Ummm - time? The series I had outlined for myself to cover the 2 principles courses has 35 episodes each (with some overlap). Once I get those done, I'll go back and see what gaps I may have left that need to be filled.

[@gauharshaikh5048]

excellent explanation

[@leonkim9525]

Wow! I'm taking an online class for AP Micro/Macro and your videos cover 10 of their videos and is much better at explaining! Just wondering but do you have a website of some sort? Similar to bozeman science or khan academy?

[@24Keshan]

Thanks for the reply. and why have you stopped with Episode 34? Will the rest (35 onwards) be added later?

[@naijojose]

thankyou very much for this video

[@mjmfoodie]

@sperdoj That's very kind ... thanks!

[@abualfarraj]

Thank you so much!!

[@ronyswarnakar331]

very nice , help me a lot .

[@esunsinverguenza]

Q: do you have any video on market power? Thanks for posting, keep them coming! CHEERS

[@don7sam]

Loved the vid yet again! Poor monopolist.. Always the bad guy..!:-P

[@rohitroychowdhury7848]

i love this video

[@anson0714]

Will be glad if anyone can answer this question of mine... Why the demand curve for monopoly is a downward curve ? Should't they have the market power to determine the price of the item ? If I am the only supplier of water(a necessity) in a country, without taking other factors such as government intervention into consideration. I set the price of water at $10 per liter used. Don't people will still need to drink the same amount of water and should't the demand curve be a horizontal demand curve ? As any complaint will not reduce the need of the same amount of water.

[@mjmfoodie]

@baresolid Close - I was raised in upstate New York (a separate universe from New York City), so Canada was only a few hours drive away...

[@raycheong645]

good explaination... but if it got the additional subtittle it will be more better.... thanks

[@mjmfoodie]

@katrinaleesg Not sure what other details you are after...?

[@krixiallanto7363]

watching all over again for the exam

[@raisdika]

So much help 😘😘

[@BreadedRedhead]

would be nice to have something on price discrimination

[@monica125136]

So useful!

[@maddyhowden504]

for anyone watching this now is the real estate market a monopoly or oligopoly or something else?, thanks

[@wayshow4]

omg you're so much better than my teacher

[@bhagirathashiya2038]

Why does the monopoly have to reduce price to increase demand. Since he is the only producer he can keep increasing or maintain same price. Im confused

[@mjmfoodie]

In the US... although I grew up close to Canada!

[@amma1635]

very useful lesson

[@taninthebrwngirl16]

U ARE THE BESTTTTTTTTTTTTTTTTTTTTTTT

[@Pt.GirirajSharma]

thanku😊

[@offlas32]

still useful for my PEC class

[@IoannaaHeartsYou]

@devildemonsaintluke that was my problem as well, why is the marginal cost suddenly supply?!

[@msakbar12345]

im from jakarta,indonesia and i think the explanation is a clearly nice,but much easier to me if you give the subtitle...PLEASE !!!

[@peh1696]

Thanks!!

[@cars_and_coffee_by_bruno]

Any chance you could help me with this? maybe a graph? A company with monopoly over a ferry crossing charges less for day trips than for crossings involving one or more overnight stays. explain I cannot understand why a company would charge less for day trips. HELP

[@JacobGZW]

higher demand for day trips meaning they can spread out the cost over more consumers during the day, hope this didnt come in too late!

[@cars_and_coffee_by_bruno]

@@JacobGZW only 8 years too late. thanks

[@JacobGZW]

@@cars_and_coffee_by_bruno what were you doing 8 years ago?

[@cars_and_coffee_by_bruno]

@@JacobGZW lol, my original comment was posted 8 years ago. I didnt even remember it. That was back when I was still in college

[@jeffiek]

1) Breaking up a "monopoly" into 10 small firms does NOT cause another initial investment ( the equipment already exists ) 2) Ignores the government grant of the monopoly. 3) Ignores competition on the margin of these "natural" monopolies 4) It's the competitors that bring anti-monopoly lawsuits, not the customers. Don't let the facts get in your way

[@iisnain]

brilliant..:) thanks

[@heyitsdonia]

thank you!!

[@JungleJim]

a happy monopolist indeed 5:10

[@moonlight_orange]

thank you for your videos, when will my professor retire?

[@rosettekhalil8300]

C génial :)

[@azaraftimos9146]

Thanks

[@lipingsoh5394]

thank u!

[@shefalimichelle6095]

Bt by the law of supply as prices drop quantity supplied drops too

[@bluebabboon]

u r awesome

[@walnutplease]

Now I see where the name of the game come from!

[@yogabagaba93]

there is no need to have them her english is great

[@kyouchua5371]

Thank you ^0^

[@taninthebrwngirl16]

OMG I LOVE YOUUUUUUUUUUUUUUUUUUUUUUUUUUU

[@Lizko]

2 semesters of finance faculty did worse work than you did in 7 minutes thank you sincerely

[@BALLERBOYS21]

If you had a patreon I'd donate some money to you because these are so well made! But since you don't an internet hug will have to do :)

[@hubbzee]

what school do you teach at? I am currently attending the university of western Ontario and although my professors seem to be highly educated their teaching skills are mediocre at best compared to yours!

[@taninthebrwngirl16]

THANK YOUUUUUUUUUUUUUUUUUUUUUUU

[@Cheedillow]

HAHAHAHA I DID NO WORK ALL YEAR AND THANKS TO YOU I'LL PASS

[@MikhaelAhava]

I can think of Standard Oil.

[@miguelaugustus726]

Chevron was then born?

[@Amrabatman]

I love you

[@seanbro33]

your teaching is pretty good but i guess im just not good for economics that even what you say i dont understand :

[@kiryana100]

cant hear a single word.....audio is bad... i wonder if it even does have or not .....

[@salihansen8721]

one of the best educational videos i've seen.

[@taninthebrwngirl16]

SOOOOOOOOOOOOOOOO MUCHHHHHHHHHHHHHH

[@harrycallahan5674]

can you rewrite my textbook please? I've learned more from your videos than my text book.

[@carlotacogue]

help, i dont get how she got +10$, +8$ and others for the marginal revenue. can someone explain it to me pls? :'(

[@nadishajayalath5308]

She subtracts the total revenue. 10-0 = 10 marginal revenue for the first one because when the firm produces and sells 0 output, TR is 0. Similarly for the second one, the MR would be 18-10 = 8, third MR would be 24-18 = 6 and so on :)

[@imluvinyourmum]

Say it costs 10c to produce a banana, If I sell 1000 banana's for 50c each I get $400 profit If I can sell 10 000 banana's if I reduce the price to 30c each, I make $2000 profit If I only sell 20 000 banana's at 15c each, I make $1000 profit

[@obidog1000]

@mjmfoodie deadweight loss maybe?