this absolutely fantastic explanation, i understood shift in demand curve for substitute and complementary , demand function , then i applied demand function to undestand the substitute and cmplimentary demand shift much more easily. such a good video Thanx a lot
You first mentioned wine (Pw) as a related good which is usually considered a complementary good but later on you say that alpha 4 Pw is a substitute. I'm a bit confused for that one specifically, other than that thank you for the amazing video it helped me understand 10 chapters in one video!
If you explain us a bit slowly then it will be more helpful for indians to understand, because your accent is different from us.... video was very nice and helpful.......
There are two answers to this. Theoretically, demand functions are derived from consumers maximizing utility (see ua-cam.com/video/SIYfBbpc5_g/v-deo.html&ab_channel=SebastianWaiEcon). Empirically, a regression might be used. I have lots of videos on regression on this channel if you're interested.
this absolutely fantastic explanation, i understood shift in demand curve for substitute and complementary , demand function , then i applied demand function to undestand the substitute and cmplimentary demand shift much more easily. such a good video Thanx a lot
You first mentioned wine (Pw) as a related good which is usually considered a complementary good but later on you say that alpha 4 Pw is a substitute. I'm a bit confused for that one specifically, other than that thank you for the amazing video it helped me understand 10 chapters in one video!
When I say "related good," that refers to both substitutes and complements.
How did you get formula,can you please explain?
Actually demand for beer increases when income decreases.
thank you, very very helpful
Where did you get 200 send 2
It was given
Thanks
Thank
Sir i need more videos on managerial economics from pakistan
If you explain us a bit slowly then it will be more helpful for indians to understand, because your accent is different from us....
video was very nice and helpful.......
He's speaking so slowly, I had to speed it up to 1.25x. If it's too fast for you, try slowing down the video.
How do you actually determine a demand function?
There are two answers to this. Theoretically, demand functions are derived from consumers maximizing utility (see ua-cam.com/video/SIYfBbpc5_g/v-deo.html&ab_channel=SebastianWaiEcon). Empirically, a regression might be used. I have lots of videos on regression on this channel if you're interested.
@@sebastianwaiecon Yes - could you link me to a regression video please. And thank you for replying.
@@sebastianwaiecon I've gone through the utility videos and I will practice them. Thank you.
A good starting point would be weeks 12, 13, and 15 here: ua-cam.com/channels/zuEhJDS6lzwceeA09vIklA.htmlplaylists?view=50&sort=dd&shelf_id=1
Thanks you sir ❤❤