How to Calculate A Shortage vs Surplus | Economic Homework | Think Econ

[@ThinkEcon]

*** IMPORTANT *** At 9:11 I miswrote Qs > Qd. It should actually be: Qs < Qd. Thanks to the people in the comments who caught this mistake.

[@soramafuforlife7247]

you teach way better than my professor thank you so much

[@honestlygio7830]

Thumbs up and subscribed This helped me a lot for Macro 1101. It was very detailed and worked out very very slowly* major points for that!!!

[@ThinkEcon]

I find that breaking down the complicated concepts slowly is the best way to make it make sense for students first learning it. I'm glad you found it helpful! :)

[@reubenrhidianparpan6995]

Thank you for the great lesson know I know how to solve it

[@gracechiimbwe6055]

Nice explanation thank you

[@ThinkEcon]

You're welcome! I'm glad that you found it helpful :)

[@JaredProd30]

Where did you get the 0.75 of the P from 1:03 I don't understand is it given already? Please explain

[@ThinkEcon]

So on the line before I have the equation 600 = 800P. But I don't want that 800 attached to the P, I want the P all by itself. So to get rid of the 800 being multiplied by P, I'm going to divide 800P by 800. 800P/800 = P. BUT, mathematically what you do to one side of the equals sign, you have to do to the other, to keep the equation balanced. So, if I divide the right side by 800, I must also divide the left side by 800. 600 divided by 800 is 0.75 Does this help?

[@JaredProd30]

@@ThinkEcon oh thanks just in time for my report too thanks so much!

[@ThinkEcon]

@@JaredProd30 No problem! Good luck on your report!

[@MistGuzman]

at 9:11 , wouldnt it be Qs

[@ThinkEcon]

Yes, I definitely miswrote that and didn't notice pre-upload. I said the right this and wrote the wrong thing. Great catch

[@NaturalBeauty-ls3jw]

Nice appreciate ❤

[@calmingarts2932]

Thank for explaining how to work out the question.

[@calmingarts2932]

By the way, why would you need to create a new line on the graph for the new price amount? Why would I need to substitute the new values (from the new price line) into the 2 lines for the market equilibrium graph? Can you please explain the laws of demand & supply because, I don't fully understand the economic theory.

[@smrf360]

qs is greater than qd you wrote in the second part

[@ThinkEcon]

Wow! I can't believe I missed that. Good catch

[@christianlara4919]

Great Video!!! Thank you so much. I recently took a Microeconomics exam and this really helped me.

[@ThinkEcon]

We're really glad to hear that!

[@JosephineMulenga-ol4nt]

How do we determine the equilibrium price and quantity of a direct function? I will be grateful if my question will be considered

[@ThinkEcon]

How to Calculate Market Equilibrium | (NO GRAPHING) | Think Econ kzbin.info/www/bejne/rIbcg4Rma5unrZI

[@MirnaAlyassin-y7o]

and from where did you get the 0.5?

[@SiyoliseRabe]

Very helpful

[@ThinkEcon]

Thank you!

[@abdibuli9515]

Goooooooooooooooooooooood😊

[@MirnaAlyassin-y7o]

one question why we didnt put the 0.75 why did we put 1?

[@luccacerminaro8003]

I need help with my basic economics homework

[@AbellaKarugendo]

Are you setting up those equations on your own??

[@umayrahiram8627]

Thank youuu

[@ThinkEcon]

You're welcome

[@ABOSHEMINEWMANOSHIOMA-rb1mw]

I don't understand please

[@luccacerminaro8003]

Someone please help me

[@abdibuli9515]

I understand 75%