I know everyone keeps watching these videos cause you have to pay for mr Cliffords,but I genuinely prefer these videos. Short to the point and very digestible. Thanks man keep it up
I am glad you found my channel. Clifford's resouces are great too, but I am happy to offer a lot of free resources as well. Good luck with your exams!!
I have a Master Microeconomics Mock AP tomorrow and your review videos are very helpful!! Thank you so much for these free and quality content filled videos. I know I can always rely on them!
thank you so much these are so helpful have my exam tomorrow I feel more confident after watching these ps.Keep up the good work thanks for providing free resources
Hello! You actually explain it so much better than the AP videos really! I always feel bored watching them but you explain it so well! In Unit 5.1 there was smt I remember watching stating the Imperfectly Competitive Markets and how firms sell more by lowering price as well as the product price decreasing. Is this information really important because I remember you stating that it’s mostly important to just know about the Perfectly Competitive Markets.
Yes that is important. The fact that imperfectly competitive firms must lower the price on all units produced is why the MR is below demand. For perfectly competitive firms, they get the market price for any quantity of units produced (since they are price takers and demand is perfectly elastic). That's why the demand is equally to marginal revenue for a perfectly competitive firm. I hope that helps!
Hey just a quick mistake i seem to have found, at 9:09, the demand for labor in the market shifts, but so should the mrp since it is derived from the demand from the market. So while MRC goes up so should MRP??
The market demand shifted, but the market demand (sum of all firms' MRPs) can shift without shifting the individual firm's demand/MRP. A change in the number of businesses will do that. I hope that helps!
8:49 If the demand for the market increases, doesn't that mean the demand(MRP) for each firm increases as well since D(market) = sum of D(firms). And then the final quantity would be higher right?
Good question. Not necessarily. There could have been an increase in the number of firms, or other firms could have increased their demand for labor. So the market demand will not necessarily move the firm demand. They should be thought of as distinct and separate. While the market demand is the sum of all firm demands, each individual firm is too small to impact the overall market demand.
Thank you so much for this video. I've been struggling on this unit and this video helps me understand. You explain it in a way that's easy to understand. Thank you
@@ReviewEcon update: I don’t think I did as well as I hoped unfortunately… I have a 98 in the class thus far, but this test is probably going to bring me down to a B. Your video was amazing though, and it definitely helped with the test. The stuff I got wrong was additional stuff my teacher had taught on days that I was absent due to having to quarantine, and I wasn’t fully aware of the concepts taught. Nonetheless, thanks so much for helping with the class thus far, and I really appreciate you doing this for free!
@@Joe-if8dn bummer! Hopefully you're underestimating yourself or there is a favorable curve! 98% seems like a pretty solid A.🤞🤞🤞 Either way, you're very welcome for the videos.
Hi! So for Unit 5, what should we be most comfortable doing? Because out of all the units this one is the one that is really different. What would an FRQ involving this Unit be? Like could you tell me what I should be able to explain if there is like a Unit 5/Monopsony Question on the exam? Also this is for Unit 3...for these FRQs, do we need to know how to do Long run to long run and constant/increasing cost industries?
2023 set 2 #2 primarily deals with unit 5. Sometimes you also have to draw a perfectly competitive factor market and firm graph too. Hard to know exactly what they will ask since there's so much in unit 5, but you can head to ReviewEcon.com and play the unit 5 games to help you prepare. Good luck!
When a firm increases its P, and they're producing at elastic part of demand curve, the total revenue (TR) will fall right? and will it be the same case for all types of markets (imperfectly competitive, perfect competition, etc.)?
Yes, that is because the MR (change in TR) is positive (when profit maximizing). So producing more will increase TR while producing less (which raises the price) will lower TR. Good luck on your exams!
I'm not exactly sure where in the video you're referencing, but at 9:24, you can see the MRP for the firm shifted right, and the firm now hires more workers as a result. But since the firm hires until the MRP=MRC, and the MRC is the wage set by the market (and the market wage didn't change), the new last worker hired (QF1) has the same MRP (in the new curve) as the previous last worker hired (QF on the old MRP curve). For both, the MRP is equal to the market wage.
I don't understand your last concept. To maximize profit you need MPL/Pc = MPC/Pc so you need to hire more labor so that they produce equal output as the capital? Anyways, thanks for your clear explanation!!
The MP/P formula tells us how much output per dollar the last unit of the resource produced. As you higher more of a resource the MP per dollar will fall. As you hire less of a resource the MP per dollar will rise. The cost minimizing combination is where the MP per dollar is equal for all resources. I hope that helps!
No. And they may not be allowed (not sure). I know some teachers advise kids to use their ID as a straight edge to draw their graphs. But make sure your graphs are drawn large and legible.
I'd say it depends on what caused it. If it's because more kids are born, LRAS shifts right (when the babies enter the work force). If life expectancy decreases, it could shift left (if people retire earlier as a result).
I probably won't have time to do many more topic specific videos before the exam, but the unit reviews cover the vast majority of what we can expect to see on the AP exam (based on the College Board's CED and previous released exams). Good luck studying!
Thank you for replying ,yes your videos cover most of the topics ,but I still hope that you make more and more of these videos because the way you explained the points is amazing 🤩
I know everyone keeps watching these videos cause you have to pay for mr Cliffords,but I genuinely prefer these videos. Short to the point and very digestible. Thanks man keep it up
You're too kind! Thank you!
Good luck on your exam tomorrow!
I got a 95% on my Unit 5 test just from watching this video!! Thank you so much for making these free review videos :)
Wow! That's amazing!
Congratulations and you're welcome!
Hi can I get your tens
Ap micro 2024 tmr!!!!! May the 5 be with everyone ;p
Yes! Good luck to you and everyone else!
great videos. i switched to yours after clifford starting making me pay and upon discovering your channel, i am very glad! short and effective
I am glad you found my channel. Clifford's resouces are great too, but I am happy to offer a lot of free resources as well. Good luck with your exams!!
do u only watch these summaries
I watched your unit 4 review video last week and aced my test. Now I’m back and I just want to say thank you for making these!
That is so great to hear! I am glad it helped. If you have any questions, ask them in the comments.
@@ReviewEcon I aced my test too sadly I was 1 point off of a hundred thank you so much
@@louis-haslandorsinvil9184 that's awesome! Congratulations!
same!! i got a 70, but got an 80 because of the last video
Reviewed using your videos and just got a 5 on the 2021 AP Micro exam. Thank you so much for the amazing content!
Nice! Congratulations!!
I have a Master Microeconomics Mock AP tomorrow and your review videos are very helpful!! Thank you so much for these free and quality content filled videos. I know I can always rely on them!
You're very welcome! Good luck tomorrow!
thank you so much these are so helpful have my exam tomorrow I feel more confident after watching these
ps.Keep up the good work thanks for providing free resources
You're very welcome! Good luck with your exams!
You’re truly a blessing
That is very kind. Thank you!
honestly wat better than clifford, thanks so much
Thank you very much!
Fr !! And he actually teaches instead of pushing for you to buy his study guide.
I got a 5 on Micro! I just wanted to thank you man couldn't have done without u
So glad to hear that! Congratulations!
Your videos are very helpful, keep doing what you're doing! :)
I'm so glad they help!
Good luck on your exams!
Hello! You actually explain it so much better than the AP videos really! I always feel bored watching them but you explain it so well! In Unit 5.1 there was smt I remember watching stating the Imperfectly Competitive Markets and how firms sell more by lowering price as well as the product price decreasing. Is this information really important because I remember you stating that it’s mostly important to just know about the Perfectly Competitive Markets.
Yes that is important. The fact that imperfectly competitive firms must lower the price on all units produced is why the MR is below demand. For perfectly competitive firms, they get the market price for any quantity of units produced (since they are price takers and demand is perfectly elastic). That's why the demand is equally to marginal revenue for a perfectly competitive firm.
I hope that helps!
Underrated! Thank you!
Thank you for the kind words! You are very welcome!
Hey just a quick mistake i seem to have found, at 9:09, the demand for labor in the market shifts, but so should the mrp since it is derived from the demand from the market. So while MRC goes up so should MRP??
The market demand shifted, but the market demand (sum of all firms' MRPs) can shift without shifting the individual firm's demand/MRP. A change in the number of businesses will do that.
I hope that helps!
Def deserves more views
lots of love
Thank you!
I agree! Very helpful! Taking my micro final in a few😅
Your videos are great and help me self-study! Thank you :)
You're very welcome!!
For extra practice, play the games at www.reviewecon.com/games-activities
Good luck with the exams!
your videos are so awesome, thank you!!
You're welcome!
8:49 If the demand for the market increases, doesn't that mean the demand(MRP) for each firm increases as well since D(market) = sum of D(firms). And then the final quantity would be higher right?
Good question. Not necessarily. There could have been an increase in the number of firms, or other firms could have increased their demand for labor. So the market demand will not necessarily move the firm demand.
They should be thought of as distinct and separate. While the market demand is the sum of all firm demands, each individual firm is too small to impact the overall market demand.
Oh ok - Thank you!
you’re the best
Thank you! Good luck on your exams!
Thank you so much for this video. I've been struggling on this unit and this video helps me understand. You explain it in a way that's easy to understand. Thank you
You're very welcome! Good luck with your exams!
you’re the goat 🐐 so happy my teacher told us about your site at the beginning of the year
Thank you for watching and good luck on your exams!
thank you very much! much better than Clifford and zoom lectures.
You're very welcome! Good luck with your exams!
Have the test today morning (in an hour). Praying that I do well... I feel prepared!
I wish you the very best of luck!
You got this!
@@ReviewEcon update: I don’t think I did as well as I hoped unfortunately… I have a 98 in the class thus far, but this test is probably going to bring me down to a B. Your video was amazing though, and it definitely helped with the test. The stuff I got wrong was additional stuff my teacher had taught on days that I was absent due to having to quarantine, and I wasn’t fully aware of the concepts taught. Nonetheless, thanks so much for helping with the class thus far, and I really appreciate you doing this for free!
@@Joe-if8dn bummer! Hopefully you're underestimating yourself or there is a favorable curve! 98% seems like a pretty solid A.🤞🤞🤞
Either way, you're very welcome for the videos.
Hi! So for Unit 5, what should we be most comfortable doing? Because out of all the units this one is the one that is really different. What would an FRQ involving this Unit be? Like could you tell me what I should be able to explain if there is like a Unit 5/Monopsony Question on the exam? Also this is for Unit 3...for these FRQs, do we need to know how to do Long run to long run and constant/increasing cost industries?
2023 set 2 #2 primarily deals with unit 5. Sometimes you also have to draw a perfectly competitive factor market and firm graph too.
Hard to know exactly what they will ask since there's so much in unit 5, but you can head to ReviewEcon.com and play the unit 5 games to help you prepare.
Good luck!
Amazing video and work!
Thank you very much!
Watching before my test. These r life savers!
Good luck on that test!
When a firm increases its P, and they're producing at elastic part of demand curve, the total revenue (TR) will fall right? and will it be the same case for all types of markets (imperfectly competitive, perfect competition, etc.)?
Yes, that is because the MR (change in TR) is positive (when profit maximizing). So producing more will increase TR while producing less (which raises the price) will lower TR.
Good luck on your exams!
What do you mean when you say "the MRP of the last worker hired didn't change," wouldn't it decrease?
I'm not exactly sure where in the video you're referencing, but at 9:24, you can see the MRP for the firm shifted right, and the firm now hires more workers as a result. But since the firm hires until the MRP=MRC, and the MRC is the wage set by the market (and the market wage didn't change), the new last worker hired (QF1) has the same MRP (in the new curve) as the previous last worker hired (QF on the old MRP curve). For both, the MRP is equal to the market wage.
I hope I can pass the my exam With the help of your efforts ,if I pass the credit will be all yours
That is very kind.
You got this!!
very helpful. thank you.
You're welcome!
Love this video!
Thank you! Good luck with your exams!
Thank you Sir for excellent lecture.
You're very welcome!
Very helpful video thank you very much
Glad it was helpful! Good luck with your exams!
@ me tryna survive microeconomics. Thanks for the help my friend!
You're very welcome!
Your videos r absolutely amazing
Thank you!!
thx bro i have test this is so goood covered everything
Awesome! Good luck!
I don't understand your last concept. To maximize profit you need MPL/Pc = MPC/Pc so you need to hire more labor so that they produce equal output as the capital?
Anyways, thanks for your clear explanation!!
The MP/P formula tells us how much output per dollar the last unit of the resource produced. As you higher more of a resource the MP per dollar will fall. As you hire less of a resource the MP per dollar will rise. The cost minimizing combination is where the MP per dollar is equal for all resources.
I hope that helps!
@@ReviewEcon ah i get it now. thanks
thank you very much
You're very welcome! Good luck on your exams!
fire video, helped a lot
Thank you! 🔥🔥🔥🔥
Good luck with your exams!
great video
Thank you!
Great videos
Thank you!
i was wondering if we need to use rulars for the ap micro exam?
No. And they may not be allowed (not sure). I know some teachers advise kids to use their ID as a straight edge to draw their graphs.
But make sure your graphs are drawn large and legible.
thanks brother
You're welcome! Good luck with your exams!
Saved my life for real
Happy to help! Good luck on your exams!
Who here for AP exam prep lmao
Good luck prepping to you and everyone else!
Awesome 👍
Good luck with your exams!
Thank you 😊
bro coming in clutch for me 🙏
Good luck on your exams!
Why is everyone comparing him to Jacob Clifford? Stop wanting everything free and just enyoy whatever you are given but don't trash another creator
Jacob Clifford is amazing! You won't see any trash talk coming from me. 😀
Good luck with your exams!
13:00
Least cost combinations? Not too many questions about these but it usually shows up in the MC.
Good luck!
This video is a substitute to Mr clifford’s review😀
Definitely!
Monopolistic competition for the win! 😎🤘
thanks god u save me
You're welcome! Good luck with your exams!
If the population age decreases, will that shift the supply curve left or right?
I'd say it depends on what caused it. If it's because more kids are born, LRAS shifts right (when the babies enter the work force). If life expectancy decreases, it could shift left (if people retire earlier as a result).
Good video but I recommend not breaking eye contact with the camera as much, it gets distracting to the viewer
Noted. I'll work on that!
I'll see if I can reposition my monitor so I can see my notes more easily.
the goat
Aw! Thank you!
Good luck on your exams!
@@ReviewEcon got a 68 rip nice review though shoulda studied more
68% is a high 3 on the AP exam.
Good luck on the next test or exam!
Good
Thank you! Good luck with your studies!
@@ReviewEcon 👍
FISH!!! TRATIOR !!!!!!!!!
ah....its heresy
the betray of the econ, he betrey JACOB
? 🤷♂️😂
Omg this video was sooooooooo great!
Thank you! Good luck on your exams!
Please make some videos on theory part too,like growth ,rent ,wages ,and different laws too please please please
I probably won't have time to do many more topic specific videos before the exam, but the unit reviews cover the vast majority of what we can expect to see on the AP exam (based on the College Board's CED and previous released exams).
Good luck studying!
Thank you for replying ,yes your videos cover most of the topics ,but I still hope that you make more and more of these videos because the way you explained the points is amazing 🤩