Microeconomics Unit 4 COMPLETE Summary - Imperfect Competition

[@ram3ntv932]

POV: you’re watching this because Clifford was being a sellout in his unit 4 summary video

[@ReviewEcon]

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[@ReviewEcon]

You're very welcome. I am glad I could help! Good luck with your exams!

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[@ReviewEcon]

You're welcome!

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[@ReviewEcon]

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[@Thenatureoftheworld.]

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[@ReviewEcon]

Nice job on that exam! Good luck on the next one! 😄

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[@ReviewEcon]

Glad my videos worked well for you! Good luck with your exam!!

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[@ReviewEcon]

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[@ReviewEcon]

Thank you very much for the kind words! Best of luck to you with your studies!

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Got done brushing my teeth and thought to myself, “if my mouth is a fixed amount, and there’s more water within it, there’s less work that that water can do in comparison to a lower amount of water”. Thank u Mr. Reed for teaching me this.. will be going to business economics at Davis soon!

[@ReviewEcon]

Awesome!! Good luck!

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How is the Business Economics program at Davis? Planning to apply there for the same this year.

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A girl who recently got 100% on our last test in my AP Econ course told our class to watch your videos for review. This video really helped me understand most concepts and I hope I get a good grade on my test tomorrow :)

[@ReviewEcon]

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[@maxyates3534]

Respect that this man replies to every comment. Thank you so much for the video.

[@ReviewEcon]

😀 You're very welcome! And thank you!

[@youturtle]

You did a great job of explaining this unit! Watching this detailed video makes me a good bit more confident for when I take the test. Thank you! I'll make sure to come to your channel every now and then when I could use the help.

[@ReviewEcon]

Thank you! Good luck with your exams!

[@nikoplayssomestuff]

Great video, it was really easy to follow, and you covered the whole chapter in under 20 mins. thanks a lot

[@ReviewEcon]

You're very welcome! I'm glad you found it helpful!

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Watching this the night before the exam... Helped a lot though, thank you!

[@ReviewEcon]

Awesome! Good luck with your exams tomorrow!

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[@ReviewEcon]

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3 years later and still helps. Thanks man 👍

[@ReviewEcon]

You're very welcome! 😄

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[@ReviewEcon]

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[@ReviewEcon]

You're welcome! Good luck on your exams!

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[@ReviewEcon]

Thank you! That is very kind!

[@hookiep8147]

This is a great video to help me with my finals. Can you explain Prisoner's Dilemma please?

[@ReviewEcon]

Thank you! Here's an article I wrote about game theory that might help. The prisoner's dilemma is the example. Good luck! www.reviewecon.com/oligopoly1

[@breadkittens5797]

Loved this vid, helped me pass my unit 4 exam today ❤️

[@ReviewEcon]

I'm a so glad to hear that! Good luck on the next one!

[@louis-haslandorsinvil9184]

Thank you for the help. your explanations were cut and clear

[@ReviewEcon]

You're welcome! Good luck with your exams!

[@t.4624]

Hi! I have a question for oligopoly. I'll ask the question based on your example. As you said, Tuan's Trims has dominant strategy but Sheron's snips doesn't. Why does Sheron's snips still have a " choice" to pick 1500? I thought 1600/1400 is the Nash equilibrium because Sheron's snips always have to follow Tuan's trims' decision.

[@ReviewEcon]

Sharon doesn't HAVE to do what Tuan does, but her best decision is based on what Tuan does. That's why she doesn't have a dominant strategy. Tuan's best move is independent of what Sharon does, and that's why he does have a dominant Strategy. The Nash equilibrium in this example is the lower right quadrant. Watch the video again to see how the choices break down. If each firm acts independently (choosing their best move based on the other's possible move), that is where they will end up.

[@t.4624]

@@ReviewEcon got it thanks :)

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how does this guy only have 4k subscribers?? Awesome videos man

[@ReviewEcon]

That is very kind. Thank you!

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very helpful video!! i hope your channel can get more subscribers 👍👍

[@ReviewEcon]

They're coming along! Hit 19k today. 😅

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Haven’t learned anything since December and I just started reviewing. Hopefully I can at least get a 3 or a 4

[@ReviewEcon]

My Fall class feels your pain. Good luck! You got this!

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[@ReviewEcon]

You're very welcome! Good luck with exams!

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[@ReviewEcon]

You're welcome! Good luck with your exams!

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[@ReviewEcon]

I expect my own students feel that way too. 😅 Good luck with your exams!

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[@ReviewEcon]

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POV: you are here because ACDC Econ guy made us buy the review video

[@ReviewEcon]

Whatever brought you, I'm glad you're hear! Good luck with your exams!

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I was pretty conffused before qathcing this, especially with game theory but man this was a great video. Thank You!

[@ReviewEcon]

Awesome! I'm glad my video helped! Good luck on your exams!

[@drewgoodove3259]

Is there a term opposite for dominant strategy? Would that be Nash Equilibrium? Thanks for these videos btw!

[@ReviewEcon]

There isn't really a term (that I know of) for no dominant strategy. A Nash equilibrium is an outcome that would make an entity worse off is they change their strategy (without the other entity changing). So Nash equilibrium and dominant strategy are very different terms.

[@MrAlexHurst]

Not quite as good as mr. clifford but free and almost as good

[@ReviewEcon]

Thanks! I think. 😉🤣 Clifford is the original!

[@amyliu7745]

At 9:35, is the light green shaded area supposed to go over/below the orange horizontal dotted line?

[@ReviewEcon]

The dotted line is part of the shaded rectangle. It goes from the ATC to the demand curve over to the y-axis. Then the entire upper triangle is also part of the profit, when perfect price discriminating.

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[@ReviewEcon]

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[@thabisomokhosoa]

Thank you and thank you again.

[@ReviewEcon]

You're welcome!!

[@theon6716]

Do all payoff matrices have a nash equilibrium?

[@ReviewEcon]

No. It is possible for there to be no Nash. It is also possible for there to be two. If either entity has a dominant strategy, there will surely be a Nash. Good luck on your exams!

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[@ReviewEcon]

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[@ReviewEcon]

Thank you! Good luck with your studies!

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I gotta calculate my max profit combination for my studying today. Making sure I don’t below MB before tomorrow 😂

[@ReviewEcon]

😅 good luck tomorrow!

[@newfireidk6065]

Hello sir! I was just wondering if they'd be in anyways for me to send you an example in regards to second degree price discrimination (if possible) I'm just a bit confused about how, although there are three prices (PS - MC = MR, P1 discriminated for single buyers, P2 discriminated for bulk buyers), and quantity produced seems to be made and sold simultaneously at level of PS, profit is still being made for P1 and P2 It sounds a bit confusing, that's why I was just wondering if there'd be any chances for me to email you an example Thanks, your videos are awesome as always

[@newfireidk6065]

The example I got from is from this youtube video : kzbin.info/www/bejne/nmiWeZh5YpeGmLM The question of mine basically refers to how, if there are 6 unit produced and sold at PS, where did the extra 4 and 12 came from ? (for P1 and P2 respectively) Additionally, assume that these extra units came from somewhere, why isn't the graph also accounting for their cost ? (that might overlap profits made in PS)

[@ReviewEcon]

In that example, the first 4 units could be sold at a higher price of P1 (Mr. Welker made up the number to illustrate the point). While units 8-12 could be sold at a price of P2 (again those numbers were randomly choses by Mr. Welker to illustrate the point). For AP econnomics, we have a perfect price disctiminator that charges every price along the demand curve. This removes the stairstep revenue you see in Welker's video and causes MR to merge with the demand curve. I hope that helps!

[@newfireidk6065]

@@ReviewEcon Yep I understood it now sir, thank you!

[@newfireidk6065]

@@ReviewEcon So basically, Mr Walker’s example shows a firm producing a total of 12 units with each quantity within that 12 sold at different prices ?

[@ReviewEcon]

Yes. Each group of quantities was sold at a different price (from the demand curve above that quantity).

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[@ReviewEcon]

Click the "Check out with PayPal" icon. Try refreshing if it's not working for you.

[@blapblopblup9276]

Hello Sir, your microeconomics summary video was very helpful for me in understanding Imperfect competition However, there are still various concepts I still haven't able to load my mind through Here are some of my questions that I hope you can help me find an answer to: The marginal revenue is the amount of revenue a firm receive after the sale of one additional unit, isn't that similar to price ? And why is the marginal revenue equal to price in perfect competition but not in imperfect competition

[@ReviewEcon]

For a perfectly competitive firm, MR is equal to the price. But for a single price monopoly, when they sell more, they lower the price on all units. As a result the MR is less than the price. If a monopoly can sell 2 units at $8 TR is $16. If they must lower the price to $7 so sell a 3rd unit TR is now $21. MR is just $5 ($21-16). It is lower than the price because the 3rd unit brought in $7 more dollars, but the price of the first two units was lowered by $1 so those to units bring in $2 less. As a result MR is $2 less than the price in this example. See here for more about it. www.reviewecon.com/monopoly I hope that helps!

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[@ReviewEcon]

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[@ReviewEcon]

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What about the AVC, do I just ignore it ???

[@ReviewEcon]

You only need to worry about the AVC when it's relevant to the question (like shut down point, etc.). Otherwise, you can ignore it.

[@tibaltruquois4551]

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really hope this helps or my grade is going down the shitter

[@ReviewEcon]

I sure hope so too!! Good luck!🤞🤞🤞

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[@ReviewEcon]

Yes! Good luck!

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[@ReviewEcon]

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[@ReviewEcon]

Awesome! Thank you!

[@aggrontube2345]

This pretty good but it did not talk about subsidies and price celings

[@ReviewEcon]

These videos follow the AP micro Course Exam Description from the College Board. Subsidies are in unit 2 and unit 6 and price ceilings are in 2 and 6. Good luck with your exams!

[@aggrontube2345]

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[@ReviewEcon]

You're welcome!

[@lijack8242]

Ending “monopoly” from Crashcourse Clifford in KZbin AP Econ teaching “industry”😂

[@lijack8242]

Just Joking😂

[@ReviewEcon]

That right. Low barriers to entry will do that! 🤘😎 Good luck on your exam!

[@LifvingConnoisseur]

Do you have anything on globalisation

[@ReviewEcon]

Unfortunately I do not have any Review videos on globalization topics yet. In a few weeks I will make a review video covering international trade and foreign exchange. In the meantime, here is what I've got for you at ReviewEcon.com www.reviewecon.com/ap-macroeconomics-ced-alignment#CED6 Good luck!

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[@garrettsmith5732]

@@LifvingConnoisseur Advanced Placement. It's the level of the class

[@ReviewEcon]

Thanks for stepping in Andrew! I missed this reply. Yep, it's Advanced Placement (potential college credit class for high school students).

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[@ReviewEcon]

I wish I could!

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[@ReviewEcon]

Awesome! Good luck to her on this year's exams!