The 14 dislikes are students who forgot to write cetirus paribus
@freddy57132 жыл бұрын
cant see them dislikes anymore ;-;
@_tooli Жыл бұрын
u can with browser extentions@@freddy5713
@ryanpatel77946 жыл бұрын
peng trim
@zaindbd5 жыл бұрын
thanks vikk
@XuYauMeiYoYo9 ай бұрын
you are the hero to my grades
@samueljwilson4186 жыл бұрын
Not sure if this video is meant to be out yet but 3 vids in 1 day, I feel spoilt.Also I'm in year 12 looking to do economics at uni and wondered if you had any tips or advice, cheers :)
@samueljwilson4186 жыл бұрын
Also congrats on 50k
@mangow82573 жыл бұрын
Hey bro how’s life going
@Patrick-cq7ck2 жыл бұрын
@@mangow8257 good thanks
@Ahmed-ln1fv2 жыл бұрын
@@Patrick-cq7ck did you end up doing econ at uni?
@antisocialbarbie1587 Жыл бұрын
Are you done with uni?
@UmuPadoru4 жыл бұрын
Thank you so much, I actually kind of understand this now
@keyser19894 жыл бұрын
Congrats on 100k
@Matt-ot1jn6 жыл бұрын
Ive not got this for a year before this video THANK YOU
@justintyme77876 жыл бұрын
I am struggling to understand why net social benefit increases the closer you get to Q*, since surely NET means SB - SC (which is why it isn't maximised when quantities past Q* are produced), and therefore net social benefit would be greatest at 0,0 since SB is at its highest and SC is at its lowest? Thanks for clearing this up!
@justintyme77876 жыл бұрын
Actually I understand now. I was looking at it as if it were a single point at equilibrium, in which case SB = SC so Net SB = 0. However I should have seen it as a continuous line until the point of equilibrium, in which case the Net SB still increases, just with a diminishing rate until the point of equilibrium (past the point of equilibrium the Net SB would start decreasing).
@_DigitalData5 жыл бұрын
@@justintyme7787 This helped me a lot. Thank you for the explanation.
@yufeizhu47613 жыл бұрын
Does it mean that the assumption behind the allocative efficiency model is perfect competition market?
@billyfox63682 жыл бұрын
Yes, that's the problem with non-competitive markets: it's market failure because they're inefficient.
@jamiek86032 жыл бұрын
@@billyfox6368 is this still applicable to monopolies/oligopolies then if i reverse the arguments?
@billyfox63682 жыл бұрын
@@jamiek8603 Yes, monopolies and collusive oligopolies - non-competitive markets - are examples of market failure because they tend to be allocatively inefficient.
@jamiek86032 жыл бұрын
@@billyfox6368 thanks
@Toyu67 Жыл бұрын
love you dal ur the best
@user-gj4zg4tj3w4 жыл бұрын
Am I right to say allocative efficiency is where welfare is maximised, as price is as low as possible without the firm making a loss? Allocative efficiency=sales max=welfare max=(AR=MC)?
@rushdashaikh53804 жыл бұрын
that is correct marginal cost will need to be equal to price for allocative efficiency
@subrotochatterjee57883 жыл бұрын
Price = Average revenue (AR), which is represented by the demand curve. Also, the supply curve represents the marginal cost curve. At equilibrium, MR = MC = AR.
@sawaab.a37566 жыл бұрын
exam tom OMFG
@ElitePraetorian4214 жыл бұрын
Thank you for your help!
@ric6383 Жыл бұрын
Thanks.
@aidenstonehouse96512 жыл бұрын
I don't understand why you're saying past Q* cost is higher then benefit. What do you mean by this?
@robertvlcek98702 жыл бұрын
Because any point past Q* on the Demand curve (the MSB) will be at a lower price than any point on the supply (MSC) curve. That means that producing a product past Q* will bring only the relevant benefit (expressed by price which will now be getting lower and lower) which will be lower than the price of the MSC (which start getting bigger and bigger past Q*). This means the cost to society will be bigger than the benefit to society which is now getting lower and lower. Imagine building one school in a city of 1 million people. The MSB is going to be massive for the society but the cost is going to be relatively low considering the number of people in the city. So you start building more schools until you get to point Q*. If you go past that by building a school in every street, this will now cause the social cost to be much higher than the benefit. We don't need so many schools.
@grundewesenberg69465 жыл бұрын
You make an assumption early on that MPC=MSC in a free market (no external costs), that you don't include in the list of assumptions at the end.
@chang8735 жыл бұрын
But if I understood correctly, the assumptions outlined at the end all support the statement that MPC=MSC and MPB=MSB. If one of those factors changes, than MPC and MSC wouldn't be equal leading to market failure. He mentions MPC=MSC as a statement based on those assumptions, I think it's all linked together.
@sonikapariyar12484 жыл бұрын
Thank You So Much.
@ayushhongkong2 жыл бұрын
my teacher taught me although we say marginal private "cost" it still refers to a firms positive gain aswell, is this true???? someone please help.
@billyfox63682 жыл бұрын
Well, in a perfectly competitive market, there are no supernormal profits, so marginal cost equals marginal revenue. Marginal revenue is the same as price (as that's basically what price is i.e. how much the consumer pays for the good i.e. how much the producer receives for each good sold). Consequently, yes, the y-axis is all price, costs and welfare (which should equal price for the consumer in order for it to be worth the opportunity cost).
@michellepun38945 жыл бұрын
how does the law of diminishing marginal returns relate to mpc?
@maratmammadov66723 жыл бұрын
idk
@rxb1773 жыл бұрын
@@maratmammadov6672 so what’s the point in replying then😎
@maratmammadov66723 жыл бұрын
@@rxb177 point is to reply to your answer because all questions have their own answers in this case my point is not to give correct answers t u my point is to give answers for your question
@kaibaing42883 жыл бұрын
Marginal Private cost represent marginal cost of production And as we know law of diminishing returns,states how mc initially decreases due to specialization then stagnates and then increases tremendously due to congestion.
@seniruhasith16673 жыл бұрын
Cant we say (-social cost= social benefit).?
@Jackr8894 жыл бұрын
i love u
@oneinabillion6545 жыл бұрын
Then does P=MC mean that P is MSB and MC is MSC?
@loveridgelads5 жыл бұрын
well, Demand = MSB (perfect competition), Demand = AR, AR = Price, so yes in a sense, but not directly
@oneinabillion6545 жыл бұрын
@@loveridgelads That's why I didn't understand the reason for calling things demand if they don't fully represent demand LOL
@bensear6 жыл бұрын
❤
@saam637232 жыл бұрын
thanksssssssss
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@IWouldntAimHere15 жыл бұрын
This guy wearing suncream when he looks at the camera