You've literally covered an entire weeks worth of class in 6 minutes. Thanks a lot this was an excellent video!

Dennis, I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time.

FIRST TIME I UNDERSTAND THIS WHOLE CONCEPT, IM BLOWN AWAY SO READY FOR MY EXAM TOMORROW

I’m here 11 years later.... it’s still gold ! Thanks man

Excellent video. The concept was very clearly explained.

This is an incredible video!! So well put together! I'm studying for the CFA exam, this video was a big help.

I appreciate the video. I'm taking my undergrad and my foreign teacher decided to mumble and jumble everything around, making a complicated subject even more complicating. You, on the other hand, simplified that like no other. Thanks!

Studying for an econ final right now and your video really helped out! Thank you very much!

I spent almost a hour trying to find the answer! this video helped me so much!! thanks alot!!!

Thank you. You explained better in five minutes what my master's program professor has struggled to make clear to me in two hours.

This was the best educational youtube vid I have ever watched. Love the website name, how appropriate.

You have done what my teacher wasn't able to do for a long long time, thank you for help me understand it

Learnt more from this video than my Eco lectures. Thank you!

This is what I find out after watching so many video on this topic... And I can say this with no doubt that this is the best video to understand the concept..hardwork should must appreciated.. 👏😊 Thankyou so much sir🙏

Thank you so much, I have an economics exam today and you just helped me be able to understand how to calculate consumer and producer surplus very clearly, thanks

Happy to hear that my vids are helping you with your homework. Good luck in your classes too.

thank you this 13 years video is the best video on this topic

Fantastic job. I'm studying for the CFA, and spent 30 minutes trying to figure out how they got consumer/producer surplus.

Really well explained, so much better than how my lecturers do it. Thank you!

Excellent video. I am studying international trade for my MBA and this video was super helpful in understanding how to complete calculations. THANK YOU!

You have no idea how much I needed this exact video 😭 thank you sir

Thanks for the positive feedback and good luck on your CFA!

sir this video is just amazing for me. i don´t understand any thing what the teacher said in my economics lecture, but as of now, you-are-my-saver ! thanks alot

WOW! This was so much easier to understand than than when I read it in the textbook. Thanks for the accessible and logical explanation!

I don't think anyone can explain better than this. You give me the way to enjoy my study. Thank you very much. :-)

YOU HAVE SAVED ME FROM TODAY'S MIDTERM. HOW DID YOU MAKE IT SO EASY TO UNDERSTAND? SUBSCRIBING

Amazingly explained I wish this person was my teacher

best econ video i’ve ever seen, no cap

I have always thought that economics lend itself to animations. Great to hear the videos are helping you.

Thanks for the feedback, much appreciated. Good luck in your classes too.

so surprised, I'm studying this problem, and it's really helpful, after watching, I feel nothing complicated with tax anymore. thank a lot! :)

Very crisp and easy to understand. Thanks a ton.

great video! Thanks a lot! I am a teacher and see many students complaining that they learned better from the video than from their classroom teachers. Even though I believe that it could be true in many cases I want to play devil´s advocate and present the other side´s view.. sometimes, in class students are distracted, engaged in conversations, or did not do the prep work or class exercises that would help them understand the material but expect the teacher to perform miracles!!! I have shown videos in class that viewers loved and mentioned they learned a lot from it, but in class, students would not take full advantage of them. So, this is a very well done video and can help a lot of people to learn what sometimes was not possible in class not necessarily because of the teacher...

omG, THANK YOU!! You explain this so much better than my book! /It actually makes sense to me!

This was really useful for my economic exam. Thanks!

thank you for the help, I have a test tomorrow and I feel much better.

excellent video sir.. love from India

Remeber : Import price is world price

sir this graph gave me great help while preparing a assigement on protection of australian car industry-subsidy or tariff.

Sir saved me from an arrear 🙏🏾🙏🏾🙏🏾 Respect and love from India 🇮🇳 ❤️

great work! better than what most of the high school teachers would taught.

Thanks again for your feedback, it is very much appreciated.

Great explanation! Finally understood the tariffs and supply/demand on international trade. Thanks for sharing!

This is a helpful tutorial on how to track the effect of tariffs on consumer and producer surplus.

@XgannaX It really relates back to consumer surplus and producer surplus. After restrictions "surplus" is less. Another way is to think about it is benefit. Less people benefits with trade restrictions. The deadweight loss is loss in consumer and producer surplus (less people benefit).

superb explanation. I wish this guy was my professor

Good question. The reason is not all of supply at that point are imports. There is some domestic supply too and there is no tariff collected on it. Starting around 2:26 of the video you will see that Qs is domestic supply and Qd minus Qs is imports. The tariff is only collected on imports. This is why the brown box is the amount of revenue collected from tariffs.

Amazing. This video > Price theory class

Thank you for refreshing my macro! Great video, however I wish that the length of the graphs axes reflected the values you put on them.

Can't use any word to express my gratefulness to you :D

Great that you explain so much within few mins. Btw,would you talk abt import quota ?? It's rather difficult than tariff is.

Bro explained this so simply. Why can't my Econ professors be like this 😂

You are right in regards to short run economic models, microeconomics and especially policy makers. There is not enough thinking by political leaders and policy makers. They don't ask enough and then what happens, and then, and then, what happens. Economics is a good tool tho to look back and see the impact of political realities, wars and social programs.

Yeah they help a lot. My international trade class is three hours long, sadly, I tend to miss a few things in class.

i really like how you explain... no matter how complicated the topic, i can easily understand it... thanks... do you have video related to general equilibrium impact to small and big nation? thanks again

That pretty much sums it up. I would add Republicans and most politicians and not just limit it to Democrats. I am not sure if politicians are "ignorant." Instead they are willing to sacrifice political expediency for long term economic growth. They cater to special interest groups, labor unions and corporations instead of doing what is right.

That is great to hear and thank you for the compliment. Make sure you like MyBookSucks on Facebook (see video description for link). This will help other students find the educational videos.

@economicsfun, " I am sure if you would have been alive in 1911 you would of wanted to hold onto all those agricultural jobs as well." Good point, but there are key differences. Jobs related to agriculture didn't disappear as a sector, they just changed from subsistence farming to Caterpillar factories and those jobs became much higher paying than subsistence farming. Software jobs aren't filling the void left by manufacturing's departure. Also, the US became the world's breadbasket after 1911.

You are very welcome!

I am not certain that I understand your question. Can you tell me the time stamp in the video that you are asking about?

You make it so understandable. Thank you and great job!!!!

Thank you, from Brazil.

Good study and I like your responses very well thought out.

Excellent! Clear, concise, and methodical. Would you mind sharing what ap or software you are using?

Helped me get a super good grade.. i love youuuu

@MrGodelFan How is the deadweight loss a reinvestment and by who? It is a loss to consumer because they had to pay a higher price because of the tariff.

Hi Sir, I just watched your explanation of import tariffs and I really liked it. Could you please explain export quotas as well ? And another question is what kind of application did you use to explain this graph?

Thank you for the excellent video! I have a question tho, if tariff imposed is 25% , should the way tariff be calculated be : 25% * initial world price OR 25% * new world price?

@MegaAstrodude All righty then.... industry or the market place knows best. Governments and bureaucrats set the tariffs and quota's. Since you write so much about manufacturing soon I will post a video asking the question... which has more economic value. The iPhone or what is on it. Is it best to manufacture the iPhone or develop the software, the music, the videos, that go on the iPhone? Stay tuned.

@economicsfun haha yes you are right I'm English. Sorry I didn't mean to sound rude about the accent. But great videos! Keep them going! I used this the night before an eco test in college on international trade barriers and i got a 6 out of 7! So thanks a lot!

You are very welcome. Make sure you like MyBookSucks on Facebook (see link in video description). This will help others find the videos too.

Excellent article! Easy to understand. Thank You

Thank you so much for the video! It helped me a lot!

@economicsfun, It's Adam Smith's theory and he said it should never be applied to international trade with radically different internal systems. Smith writes: By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end...

Thanks so much my man! Definitely earned a loyal subscriber :)

Thank you for the explanation, it's helped me a lot

Excellent Lecture Sir. Thanks a ton!

@MegaAstrodude“The US became Worlds Breadbasket.” really? The value of crop and animal production in EU is about the same as US.

Thank You! You're such a good teacher. :)

Great video. Still do not understand a few things. Where does the revenue generated by the tariff come from? Who is actually generating the increased revenue? Is it the person buying the imported product at the cost of the product plus the tariff? Or, does the exporter pay the tariff for the benefit of exporting the product to the US.

Brilliantly explained.

@economicsfun, Quotas are bad, but tariffs are very different from quotas. And industry frequently has called for a tariff especially as an alternative to an income tax.

Such a great video. Thank you.

@booja101 thanks for your feedback. Much appreciated.

thanks! it straightforward and it helps a lot with my hw!

Fantastic Video! 10/10 would recommend

I am not sure you can just conclude the an increase of wages faster than prices is good for economic growth. We need to understand why firms outsource in the first place. It is much more than just cheap labor. We need to understand what type of jobs we want and add the most wealth to an economy. Btw, which has more economic value an iPhone or what goes on the iPhone?

This has helped me a lot! Thank you so much!!

Really great explained, which software are you using to create the images? I really would like to translate the information and explanation to Dutch. Because to my believes if you can teach it to others you really understand the matter.

Thank you so much! This helped me a lot

You are very welcome. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

Thank u sir respect from pakistan

Thank you! Amazing explanation!

wow this is actually amazing

Lovely ... Liked your explanations... ,❤

At 2:57 one can observe that at $20 Qs is 100 and Qd is 850, when the tariff is imposed this amount changes from Qs1=300 and Qd1=650, but how do you calculate the change from 100 to 300 and from 850 to 650. Do you get what I mean?

why sometimes the deadweight loss is as in your video bellow the demand and supply, but sometimes on the left side?

Import price is the price of imported commodity in its parent nation or the price at which he is interestred to sell thier goods to the importing nation (i.e, offer price)

Thank you for the great explanation!

so much gratitude to you holy shit. never grasped until now.