Microeconomics Unit 6 COMPLETE Summary - Market Failures and Government
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- Опубліковано 2 тра 2024
- This video covers all of the key points of Unit 6 from the AP Microeconomics Course Exam Description (CED). Social efficiency, negative externalities, positive externalities, government regulation, the Lorenz curve, and the Gini coefficient.
For more help with unit six, there are content reviews, review games, and practice exercises for you at: www.reviewecon.com/ap-microec...
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Note: Topics are out of order because this is the oder in which they are covered in the ReviewEcon.com Total Review Booklet.
Note: AP©, Advanced Placement Program©, and College Board© are registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material.
Man i love you, i got a 5 on my mocks just because of your videos, never concentradted in class lmao the course was baisaclly a self study at this point. Now im going in to the ap test and am not stressing at all knowing i can watch your videos
Nice! Good luck on the real exams!
not to name names, but i love your econ content over some of the other mainstream ap econ youtubers! your energy is much more chill, focused, and your work is very thorough and straight to the point. i appreciate you!
Thank you so much! Good luck on your exams! 😄
yea ik ur talking about clifford
tomorrow is the test， after watched this video, it helps me a lot, hope that I will do well in this test!
You will do great! 🤞
Good luck tomorrow! 😄
Thank you! AP exam on Tuesday, I feel way more confident after going through all of these unit review videos, everything was explained perfectly
You're very welcome! Good luck on Tuesday! 😄
@@ReviewEcon thank you 🙏🙏
unreal! single-handedly learned the whole micro course from you in these past two days 😂
Awesome! Good luck on your exams!
Remember to practice with some MC and graph drawing.
I just wanted to say that your videos have carried my grade (and many of my classmates!) for both AP micro and macro classes this year- thank you so much for taking the time to create these videos. Your explanations have always been very thorough but fast-paced enough for a quick review, your channel is definitely the best! :)
Thank you very much! Good luck tomorrow! 😄
I've been watching your videos all year and they've really helped me, thank you soso much! You are quite literally one of the best AP reviewers, out of every subject -- extremely straightforward yet you include every necessary detail. I can't recommend you enough!
Mitsuha?from your name??
Thank you very much! Good luck on your exams!
Exam tomorrow, you've been the only thing keeping me prepared all year and thank you for what you do!!!
You're very welcome! Good luck tomorrow!
the ap micro exam is tomorrow and i just started self studying yesterday 💀, these videos are incredible though and i finally got to the last unit while understanding everything.
Awesome! Good luck on your exams!!
EXAM IS TOMORROW!! Thank you for being one of the few people to properly explain unit six. My teacher and other videos I haven’t been able to understand, but I appreciate how your explanations are straightforward and easy to understand.
I am happy I could help! Good luck tomorrow! 😄
The exam went great thank you so much Mr Reed! Now it’s time for Macro
🤘😎 Good luck Friday! You got this!
@@ReviewEcon thanks!
Taking the class online and I wish I knew about these videos sooner while learning these lessons
I hope you found them soon enough for them to be helpful! Good luck on your exams! 😄
You are the GOAT econ teacher.
You're too kind! Thank you!
What is your advice to do in these days before the exam and what are the most important units
All units will be on the exam, but if you are short on time, the majority of questions tend to be from units 2, 3, 4, and 5. Good luck!!
What are the most common Micro FRQs? Is there a pattern to them like there is in Macro? (ex: question 1 in macro is typically AS/AD or Phillips curve, question 2 could be Phillips/FOREX)
Definitely not consistent, but #1 is usually focused on perfect competition or monopoly. One question usually focuses on factor markets. The third is quite random.
But again, not a consistent enough pattern for me to make any official predictions.
Good luck though!
the ap exams are in a week, and you are the reason i am going to get a 5.
Get that 5! 🤘😎
I got a 4 😭😭😭
@spice2527 I'm sorry it wasn't a 5! A 4 indicates you know a lot of Econ. I wish you the very best moving forward!
You are a godsend 😭 Best micro videos on UA-cam
Thank you very much! Good luck on your exams!
thanks my econ goat🙏🏽
You're very welcome! Good luck on your exam!
at 9:01 why would you give a per-unit subsidy to the consumer and not the producers?
You can give it to either producers (shifts the supply curve) or the consumers (shifts the demand curve). If per unit tax or subsidy equals the amount of the external cost/benefit, DWL will be eliminated and we'll get the socially optimal quantity.
I hope that helps!
@@ReviewEcon I understand! Thank you so much!
@@ReviewEcon Would the demand curve always equals the MPB if there are externalities?
Hello, thank you for your efforts, you mentioned in 11:43 that freerider problem arises from nonrivalry and nonexcludablity.
Can you please check this offical question from ap classroom:
A free-rider problem arises when a good is
(A) nonrival
(B) nondepletable
(C) nonexcludable
(D) produced in a competitive market
(E) produced in a monopolistic market
shouldn't it be A and C? Answer key says C only
20 seconds earlier when I discuss the free ride problem, I specify it's for non-excludable goods.
The part you're looking at, I talk about public goods, which are non-rival and non-excludable. Public goods also have a free rider problem because of the non-excludable aspect.
I hope that clarifies what I meant. So C is the answer here. But if the question was about public goods, it would be A and C.
Good luck on your exams!
@@ReviewEcon Thanks alot!
At 9:01 how come the per-unit subsidy is given to the comsumers
See my answer above.
i get why at 5:40 the marginal social benefit would be less than the private benefit so the MSB is shifted left, but at 4:58 wouldn't the cost to society be higher? so why isn't the MSC shifted right?
Increases and decreases of cost curves (like marginal social cost) shift up with an increase and down with a decrease (not left and right). It's supply and demand curves that shift right and left with increases or decreases.
So that marginal social cost curve is in fact higher than the marginal private cost curve. I hope that helps!
For special occasions some people purchase and set off fireworks in their backyards. Assume the market for
fireworks is perfectly competitive. the answer key says that this is a negative externality in production. why not negative externality in consumption?
Great question. It's because until two years ago, the distinction between consumption and production were not in the exam. Negative externalities were graphed as in production and positive were in consumption.
So for a rubric for that question would be different today. I wish they would change the rubric for that old question!
Micro FRQs are out!!!!!
Working on my answers now! 😄
@@ReviewEconawesome your videos helped me so much
@@ReviewEconwatching your formulas video right now to prepare for macro
Sorry if this is a dumb question but is this a reupload? Could've sworn I saw the same vid while I was prepping for my unit 6 test back in November of 2023 haha
Yes, I found a significant typo that needed fixing. Unfortunately UA-cam only allows a total reupload as a new video and I can't just fix/replace it.
So it's nearly identical to the previous version (which is now unlisted).
So not a dumb question at all! 😅
Where can i buy the cap
Not for sale yet, maybe someday!
In the meantime, I had mine made on Etsy. Feel free to have one made of you like. 😄
Well that is unfortunet i cant i live outside the shiping of etsy
@controlover6210 might be able to give a local embroider to do it also. Sorry I can't help more!
7:11 Why would you tax consumers? The firms are bad for polluting so you shall tax them! not the poor consumers like me and you!
My only answer is that AP micro isn't always about what should be. 😅
But if the goal is to increase efficiency, it doesn't matter if producers or consumers are taxed when it comes to negative externalities.
@@ReviewEcon okay~! Thanks!~
please give me your econ blessing for my exam LOL
Not sure it would be good for much, but you have my econ blessing. Now go out and beat that exam! 😅
@@ReviewEconme too! I need blessings… the fact that I am watching this 45 mins before my exam
Would you beat ACDC econ (Jacob Clifford) in a fist fight?
😅
I doubt it! He's a really tall guy. That said, he's extremely nice, I don't think either of us would be interested in fighting. 😂
im cooked
Review a bit more, practice your graphs, and with a little luck you'll be cookin' instead of cooked! 😄
mr reed carrying as per usual
😄 Good luck on your exams!