Microeconomics Unit 2 COMPLETE Summary

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Microeconomics Unit 2 COMPLETE Summary - Supply and Demand

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ReviewEcon

Күн бұрын

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@Mushao 3 жыл бұрын

Wish I had discovered this channel far earlier, now I'm cramming 2 hours before the exam. Well you got my subscribe :)

@ReviewEcon 3 жыл бұрын

Good luck! You got this!

@areghoroupian5265 Жыл бұрын

Oh my god. All of the other teachers on this website just speak so fast, but you cover it so well and pace it well enough so we can understand it. I have 2 days until the AP Microeconomics Exam. Thank you.

@ReviewEcon Жыл бұрын

You're very welcome! Good luck on Friday!!

@UghurKarim Жыл бұрын

LETS GO AREG 😤

@areghoroupian5265 Жыл бұрын

@@UghurKarim im desperate bro i need a 3

@rlrcia 2 жыл бұрын

Thank you for teaching so clearly! My teacher could never.

@ReviewEcon 2 жыл бұрын

You're very welcome! My own students say the same thing occasionally. 🤷‍♂️😂 Sometimes it just takes different words or examples for it to click. Good luck with your exams!!

@shreyaanchaabra6232 3 ай бұрын

You're the GOAT! I am an International Student so I don't have AP classes or a teacher that could guide me so was really scared for the test. Thank you for filling in that gap and helping me understand all of AP Microeconomics. Keep up the great work!

@ReviewEcon 3 ай бұрын

I am so happy to have helped! I wish you the very best of luck on the exam! Self studying is not easy. You should be very proud of all your hard work.

@eunicekim8564 3 жыл бұрын

Thank you! Your channel has the only videos that explain everything in so much detail!

@ReviewEcon 3 жыл бұрын

You're welcome! I'm glad my videos helped!

@wtdssrilanka4880 2 ай бұрын

I'm sri lanka 🇱🇰 . Verry good video . I'm school student . Nice to meet you sir❤❤

@ReviewEcon 2 ай бұрын

Thank you! I wish you the very best on your studies! Good luck to you! 😄

@User-h4r4s 10 ай бұрын

Thank you so much for this video! It really provided me with the necessary anecdotes and information to truly grasp the discussed concepts. Keep up the excellent work Reedy boy!

@ReviewEcon 10 ай бұрын

You're very welcome! Good luck with your studies!

@valeriacamilaleon2120 Жыл бұрын

this is me studying for the exam the night before😭. You're my savior, thank u so much.

@ReviewEcon Жыл бұрын

Good luck tomorrow! You got this!

@bill.lee23 3 жыл бұрын

Thank you for the great video! I am studying for my micro econ ap test on friday.

@ReviewEcon 3 жыл бұрын

You're welcome! Good luck on your exam!

@aaravjain6916 3 ай бұрын

Thanks a lot prof. Here in India we dont have AP classes so you and the Barron's book are my only hope.

@ReviewEcon 3 ай бұрын

You're very welcome! Good luck on your exams!

@alimadi9053 6 ай бұрын

Thank you for the thorough video. You also talk slowly which helps, other videos be talking on 5x speed.

@ReviewEcon 6 ай бұрын

😅 That takes effort. I'm actually a naturally fast talker. I'm glad I'm not too fast in these videos. Good luck on your exams!

@alimadi9053 6 ай бұрын

@@ReviewEcon finished unit 2 test today in class and got 98 thanks to YOUUU

@ReviewEcon 6 ай бұрын

@@alimadi9053 nice job! 🤘😎🎉🎊

@atlascimenoglu4177 2 жыл бұрын

you are one of the best yt teachers there is

@ReviewEcon 2 жыл бұрын

You're too kind. Thank you!

@willyoctavianus8691 Жыл бұрын

i needed to replay one section several times... until i realized, as a non american, i culturally did not know that people eat peanut butter AND jam together... good content since unit 1 anyway!

@ReviewEcon Жыл бұрын

Totally understand!! My videos do occasionally have cultural references that not everyone will understand. Luckily the CB usually tries to avoid them!

@souvikdas8365 3 ай бұрын

iam ashamed to skip ads from this great tutor. Thanks a ton man. Yours videos gave me a job. I wish i could pay you somehow.

@ReviewEcon 3 ай бұрын

You're too kind! Good luck with your exams! 😄

@Saundaryassp 4 ай бұрын

The videos are so helpful to grasp the foundations of Microeconomics. His videos make me feel more comfortable with this topic and I love that sm, thank you for taking your time on making these videos!!!!

@ReviewEcon 4 ай бұрын

You are so very welcome! Thank you for those very kind words!

@daph_27 Жыл бұрын

This was so extremely helpful, thank you so much!!!

@ReviewEcon Жыл бұрын

You're very welcome!

@mujengieee Жыл бұрын

This is a very helpful and insightful video, thank you so much for helping me understand microeconomics better.

@ReviewEcon Жыл бұрын

You're very welcome!!

@carl3517 4 ай бұрын

Thank uuu so much u make the best Econ videos!

@ReviewEcon 4 ай бұрын

Aw! Thank you! Good luck on your exams!

@kabbajatta6130 2 жыл бұрын

hello sir thank for making understand what i was finding difficult to understand

@ReviewEcon 2 жыл бұрын

You're very welcome!

@zainibrahim5495 4 ай бұрын

this is really helping thanks 💙

@ReviewEcon 4 ай бұрын

You're very welcome! Good luck on your exams!

@MM-pm4tb 3 жыл бұрын

Great video 👍🏾 If I know the elasticity of demand and supply for a good could I then calculate how much the price would change per percentage change in demand? And how would I calculate that? Thx 😊

@MM-pm4tb 3 жыл бұрын

Edit: I mean the %change in price per %change of total consumption of the good on the market

@ReviewEcon 3 жыл бұрын

You certainly could, but you would need someone with better math skills to help you with the exact formula. 😅 That's definitely above the AP micro level.

@qaqqaq8457 Жыл бұрын

Thank you for the video! Can the income effect also make you buy more of other goods if the price of a good goes up?

@ReviewEcon Жыл бұрын

That's the substitution effect. Good luck on your exam!

@jessicawu3559 2 жыл бұрын

Hi! At 8:18, I was wondering if you meant if producers expect prices to increase in the future, they will decrease current supply instead of increasing it?

@ReviewEcon 2 жыл бұрын

Yes! You are correct. I misspoke there. I'll see if I can edit that out until I can make a new version.

@meerabdurehman5550 3 жыл бұрын

amazingggg thanks for the awesome lecture

@ReviewEcon 3 жыл бұрын

You're very welcome! Good luck with your exams!

@phoenixwildfyre4998 8 ай бұрын

Thank you! I finally understand the double shift. No one ever explained it like that to me before.

@ReviewEcon 8 ай бұрын

Awesome! Sometimes it just takes slightly different words for it to click. Good luck on your exams!

@akbarnajafi8654 4 ай бұрын

I think income effects is about when an employ wage higher buy more because the person has morer money now. U talked about price effect in income effect

@ReviewEcon 4 ай бұрын

As it applies to the AP micro exam, the income effect is as I described it. When your income doesn't change, price increases will decrease the purchasing power of your income, resulting in a lower quantity demanded. Also, when your income doesn't change, price decreases will increase the purchasing power of your income, resulting in a higher quantity demanded. The income effect, substitution effect, and diminishing marginal utility all reasons for price inversely changing quantity demanded. I hope that helps!

@ReviewEcon 4 ай бұрын

It appears you are describing a change in worker income as a demand shifter. The income effect is about movement up or down the demand curve (that results from price changes impacting the purchasing power of your income) rather than a shift of the demand curve.

@pakhpakhuongte4163 2 жыл бұрын

Great 👍, sir if price does not change demand .if the price high or low ,will it not effect the demand,get you please explain briefly

@ReviewEcon 2 жыл бұрын

Demand is the entire curve with all prices and all quanties consumers will buy at every possible price. Since price is already part of demand, a change in price won't change it. Price does change QUANTITY demanded. At high prices there is a lower quantity demanded and at low prices, there is a high quantity demanded. Things besides price, like consumer tastes, that impact purchasing will change demand (shift the curve). I hope that helps!

@KristenSobrepena 3 жыл бұрын

Wow this is SO helpful thank youuu

@ReviewEcon 3 жыл бұрын

You're very welcome!

@taraoconnor7919 2 жыл бұрын

Thank you this is so helpful

@ReviewEcon 2 жыл бұрын

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

@clairehuisintveld8120 3 жыл бұрын

super helpfull! We're big fans! :)

@ReviewEcon 3 жыл бұрын

Awesome! Thank you! 😀

@arpitmaurya9221 Жыл бұрын

Dhanywaad 😅

@WijthaGayan Жыл бұрын

Why might the long-run supply curve slope upward if firms don’t have identical cost structures?

@ReviewEcon Жыл бұрын

Not exactly sure what is meant by this question, but might want to look up increasing cost industries. They have upward sloping long run supply curves.

@views-zo4te 3 жыл бұрын

For the determinants of supply, wouldn't a producer expectation of a high price actually lower supply today since they would want to sell at a future date when prices are high?

@ReviewEcon 3 жыл бұрын

I see your point. I'd say it depends on how the exam question is phrased. If they expect a high price, production will increase to capitalize on that high price. That higher production will increase supply. But... If they expect current production can be sold at a higher price later, already produced products would be held from the market as suppliers wait for that higher price. And that would reduce supply.

@views-zo4te 3 жыл бұрын

@@ReviewEcon thanks a lot. Also great videos, I prefer your videos to Jacob Clifford since they go into more detail and are longer

@ReviewEcon 3 жыл бұрын

You're welcome! Good luck on your exams!

@saraabdii9268 3 жыл бұрын

Super helpful thank you!

@ReviewEcon 3 жыл бұрын

I am so glad! You're welcome!

@laureanoivanow3403 4 ай бұрын

grate video !!!!!

@ReviewEcon 4 ай бұрын

Thank you!

@laureanoivanow3403 4 ай бұрын

@ReviewEcon tomorrow i have economics test on micro

@user-qf3gk2xz1m 7 ай бұрын

Thank you sir

@ReviewEcon 7 ай бұрын

You're very welcome!

@hjaslhzvc 8 ай бұрын

that's amazing!

@ReviewEcon 8 ай бұрын

You're too kind. Thank you!

@nishadmanohar182 3 жыл бұрын

7:57 What do you mean by increases in technology?

@ReviewEcon 3 жыл бұрын

Things like the assembly line in car production, or development of the sewing machine in clothing production. The new technologies increase supply.

@neilmehra_ Жыл бұрын

thank you king

@ReviewEcon Жыл бұрын

You're so very welcome!! 🤴😀

@kevinyang6254 3 жыл бұрын

An example of a price ceiling would be something like rent control.

@ReviewEcon 3 жыл бұрын

Yes! Rent control is a great example of a price ceiling.

@berhanemicheal7893 2 жыл бұрын

it is excellent learning aid to all students in college or university, and to people who want to understand economics, the summary is concise and easy to read. Demand and supply are very confusing topics. The graph is dry making you sleepy. Make it entertaining. Speak slowly. Please dress business casual. NO, NO baseball cap and t-shirt.

@ReviewEcon 2 жыл бұрын

I appreciate the feedback, and I am glad you find the content helpful. That said, I don't think I'll be dressing biz casual any time soon. 🤷‍♂️😉

@dora4245 2 жыл бұрын

The graphs he's showing are great. His explanations are awesome and he speaks at a pace that everyone can perfectly understand. So what is the problem? Not dressing up business casual? Alright😂

@louisjacobmoon 3 жыл бұрын

How can price not change demand when a products demand goes up when the price of it's substitute goes up?

@ReviewEcon 3 жыл бұрын

When we say price doesn't change demand, we mean the price of the good in question doesn't change the demand for the good in question (only quantity demanded). If the price of another good (a substitute or complement) changes, the price of the good in question did not change (but demand will change). Prices of other goods is a demand shifter.

@louisjacobmoon 3 жыл бұрын

@@ReviewEcon Thanks for the response! I get it now

@porlancofxreviews8778 3 жыл бұрын

thanks!

@ReviewEcon 3 жыл бұрын

You're welcome!

@Pavominctus 9 ай бұрын

how do you know I'm prepare for final?

@ReviewEcon 9 ай бұрын

My advice is to practice as much as you can. Good luck! 🤞🤞

@Orthodoxmezmurtube3426 3 жыл бұрын

The demand for tickets to ethiopian film is given by D(P)=200,000-10,000p, where p is the price of tickets . if the price of tickets is 12 birr, calculate price elasticity of demand for tickets and draw the demand curve. please help me

@ReviewEcon 3 жыл бұрын

While this is a little outside what I teach, I would suggest you plug in the numbers to figure this out. Start by replacing P with the price of 12 to get the Qd (D in the formula) then reduce the price to 10, 8, 6, etc. Also raise the price to 14, 16, 18, etc Use the numbers you get (P and Qd) to draw the graph and calculate elasticity. Good luck!

@vinaymathews8953 3 жыл бұрын

It says that this video is unavailable on this device.

@ReviewEcon 3 жыл бұрын

After some research, it appears browser extensions can cause the problem. It can also be a temporary glitch with KZfaq. Are you still having the problem?

@lavanyababbar9617 Жыл бұрын

I think you by mistakenly said opposite tings for compliments and subsbitues

@ReviewEcon Жыл бұрын

I don't see or hear an error. For substitutes, when the price of one good increases, demand for the other also increases. For compliments if the price of one good increases the demand for the other decreases.

@benchris4990 3 жыл бұрын

When you have 30 min before the exam

@ReviewEcon 3 жыл бұрын

Good luck on your exam!

@benchris4990 3 жыл бұрын

@@ReviewEcon thanks man! It was a decent test. Not as hard as BC calculus, but not as easy as AP gov either.

@firegaming6812 3 ай бұрын

give me 5 on my exam

@ReviewEcon 3 ай бұрын

If I had that power, I would! But I wish you the very best of luck! 😄

@vinaymathews8953 3 жыл бұрын

Could you please fix that

@ReviewEcon 3 жыл бұрын

I'll look into that. I have no idea why You wouldn't be able to watch the video. Can you tell me what device you are watching it on? Have you tried other devices?

@davidzhu3525 2 жыл бұрын

i love u

@ReviewEcon 2 жыл бұрын

Thank you, but I must tell you Econ already has my heart. 😉

@rockyroloyan 2 жыл бұрын

Helllo sir ,I think you made a mistake in explaining between substitute and complements

@ReviewEcon 2 жыл бұрын

Doesn't look like it to me. With substitutes there is a direct relationship between the price of one good and the demand for the other good. When the price of one increases people buy less of that good and they buy more of the other good instead. That's why there is a direct relationship. For compliments it's the opposite the price of one good is inversely related to the demand for the other good when the price of one increases people by less of that good and less of the complement as well. I hope that helps! Good luck on your exams!