International Trade- Micro Topic 2.9
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- Опубліковано 3 жов 2024
- Hey econ students. This video covers Micro Topic 2.9 and shows trade, tariffs, and quotas using supply and demand. Be sure to be able to draw and calculate consumer surplus, producer surplus, and deadweight loss. Remember that the international trade is different than a price ceiling. The result is not a shortage. Instead, we are importing the different between the quantity demanded and the domestic quantity supplied. This causes consumer surplus to get bigger and producer surplus to get smaller.
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The answers to the practice multiple-choice questions are below. Just click on "Read more".
1. D
2. E
3. B
4. B
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Hi ima stat instructor looking for stat instructors for collab vid
why the answer of first question is not C, dwl is area of M and S and the quantity imported is Q5-0
@@auyeungstephen2878 for Q1, it's just international trade with no tariffs. Therefore, the quantity imported domestically is Q1 at Pw, and the total demand by consumers is Q5. In order to meet those demands, they would import Q5-Q1 goods which is why D is correct.
C is incorrect because there is no deadweight as there are no tariffs. There is only consumer & producer surplus.
@t
Few videos on Is and lm models,plus how to calculate national income
This dude explains in 5 minutes what my teacher taught in a whole class session
IKFR
You gotta take into account that in the classroom there’s a LOT of distractions and not everybody’s gonna get it right away so things are a lot slower, versus here you’re watching it alone.
@@shondalegalindo1 well maybe they should read off a paper script. At least that way its more concise and well structured so the class will never de-rail due to questions and distractions. You can continue right where you left off.
They need to fill the class time though. They can’t just give 5 minute lessons. Plus, I’m assuming from your response that had already seen the lesson in your class, so when you watched this video, you already had a basic understanding of it, thus making it easier to understand
My professor also has the added benefit of putting me to sleep.
I used to watched these videos everyday when I was preparing for my Micro and Macro exams. Honestly if it wasn't for his videos I don't think I would have passed. Thank You!
same
I am a 45 year old on-line college student. Without you and your excellent, to-the-point, real-world lessons, I actually know what is going on! I miss lectures and the textbooks are absolutely no help. Jacob, I will pass Macroeconomics because of you! Thank you!!!!!
Just 6 minutes watching and I understand all the points that teacher taught me in a whole class - even what she haven't taught yet
Thank you sir for all these videos. I started to learn economics since grade 10 so I didn't know much about economics, but after watching all of your videos, I consider you the best economics teacher on UA-cam. Your videos helped me a lot. I really like the videos about elasticity.
Hi Jacob!
I have been studying Economics for a while now and your explanation of key economic concepts is so succinct and creative that it is always a good refresher when I watch your videos.
Would you consider a video discussing the Balance of Payments, Exchange Rates, and Terms of Trade if you haven’t already?
Keep up the great content!
Hi,there,Mr Clifford!I'm bloody glad I've subscribed to your channel!You've helped me do better in my A-Levels (Yes,I live in London).
I'll be honest,there's absolutely no one else here on UA-cam who's as fervently interested in economics as you are!You're incredibly charismatic and I can't help but get riveted by your videos.Thank you SO MUCH for everything!!
Cheers,
Leonardo
lmao this is the most british comment ever
I’m also doing my A-levels and I’m from Pakistan, Asia
yo just wanna say thank u so much for this, i couldn't understand it when my teacher explains but i understand perfectly from your vid :)
I pray that my economics teacher should watch this video.
Thanks so much 💖
This video is very helpful for my international economics class! I think I will forever be subscribed to your channel even after finishing micro and macro economics :D
Great video Jake! Really helped me revise before my last year of Uni kicks off!
So so helpful! Thank you Mr. Clifford! 😊🙏
YES! found this right before my exam. I had trouble understanding tariffs. thank you!
you are the best. your videos are so helpful and go straight to the point.
Thank you so much for EVERYTHING Jacob Clifford !!! I am really appreciate U !!! Good job...
Wow.
I have my exam today on international economics
super helpful! thank you!!!
Leaving a comment for the algorithm gods. Thanks for the help!
Thank you for the Napoleon Dynamite clips!
you are amazing ... thank you to help me understand micro and macro 🤣🤣
Thank Jacob!!! I am really appreciated!!!!
Me worrying if the milk is spoilt or not
thanks so much :))
Thank you so much, it helps a lot.
you're the best love the new setup
Thanks Jacob appreciated,
Cheers
Pacific IslandS
PNG
Thank you, you're the best!
Those 3 dislikes are from the Microeconomics Doctors who couldn't explain International Trade properly.
You're Awesome!
Avesome 🤩 I am going to check Micro Unit 2 summary video🤩😊
YOU ARE THE GOAT
Thanks for the video
Hey can you tell me the characteristics of international trade?
Short and sweet
Awesome!!!!!!!!
Hey cliffy What happens to CS and PS after Trade with $2 World Price?
After the Tariff?
also
Should we Restrict International Trade?(5answers plz)
Thankyou, this helps
Awesome
I LOVE YOU THANK YOU SO MUCH
c) Dead weight loss is the areas M & S
nice!
Actually, I think that protectionism is good for developing economies
thanks
Hi Jacob, hi all! I have a rather dumb question... why is the height 5 in the 1/2 times base (10) times height (5) in the first DWL problem? How do you figure the height? I'm like super bad at math. Thank you!
My guess is because is that the surplus is a triangle shape. So to find the area is (base*height)/2 :) I can be wrong, but I hope it helps.
thx j cliff
what if government put the tariff for the imports and taxes for the domestic produce?
In 4:06 how did the government's $10 tariff translate into a price of $20?
In 3:50 how did you know that picking 30 and 70 will satisfy the quota of 40 units?
I need to know this too. Did you figure it out?
Wondering this as well
even i didnt get this
since there will be less cheap goods in the market, both global price and domestic price will adjust by increasing the price of goods to fulfill demand.
the price is driven up towards equilibrium by producers, but it stops at $20 because consumers can just import the 40 remaining units to meet their demand at that point
bruddah dropped a dubstep beat
Quick question: When the government established the quota of 40 units, why do we increase domestic production to 30? Is this random? Just wondering :)
im equally confused about this
@@cassady43 the price is driven up towards equilibrium by producers, but it stops at $20 because consumers can just import the 40 remaining units to meet their demand at that point
just on time
CLASS
crash course the night before the exam loll
Didn't know John Mayer taught Econs
when you learn more from a 5 minute youtube video than a week of lecture.
i love u
4:40
Guysss I need help
Does anyone know when a firm is indifferent to shutting down (perfect competition market)?
A firm in indifferent to shutting down when its revenue = its fixed = variable costs
@@glennwatson3313 what is the economical explanation?
@@sagharkhalili2959 If the owner can make the same amount of money by staying open or by closing or he can lose the same amount of money by closing or staying open then he are indifferent to either option. This can occur in a perfectly competitive market where profit is zero and revenue equals the opportunity cost of all inputs.
@@glennwatson3313 so on the graph Avc=Atc?
@@sagharkhalili2959 ATC = AVC + AFC Where that occurs on the graph is where the producer is indifferent.
guys im so confused
First
I didn't believe in God until I saw this video.
ahh very terrible explanatoin
I like your videos but the way you are doing them now will make them a bit dated in a few years.
You have to face a Holy God on Judgment Day. He sees lust as adultery (Matt. 5:28) and hatred as murder (1 John 3:15). Will you be guilty? Jesus took your punishment on the cross, and rose again defeating death, to save you from Hell. Repent (Luke 13:5) and trust in Him today.
Hey, have you heard? Many people have but haven't understood. Just like Jesus said. You have to face a Holy God on Judgment Day. He sees lust as adultery (Matt. 5:28) and hatred as murder (1 John 3:15). Will you be guilty? Jesus took your punishment on the cross, and rose again defeating death, to save you from Hell. Repent (Luke 13:5) and trust in Him today.