Aw man, I feel this comment, I had no idea what was going on for the first 12 months and it sucked. Keep at it, it's just practice, you can get there :)
Resolve the following: “The price of ice cream increased in the summer, yet quantity also increased. Therefore, the law of demand does not apply to icecream, so in this case demand was increased n also price dts y quantity increased right??
Hi! The key here is in the ceteris paribus assumption, the Law of Demand says that if price increases quantity demanded decreases but we have to hold everything else constant (ceteris paribus) - what it looks like here is that the price increase is due to a change in tastes and preferences - the demand curve has shifted to the right which has led to a higher price in the market and a higher quantity traded. So in the example we are not changing the price ceteris paribus, so it’s not a violation of law of demand. Does that help?
Your videos are easy to understand and not unnecessarily long...thanks!
You're welcome, good luck with your studies!
you're officially the first person who has successfully made me understand graphs in microeconomics😭
Aw man, I feel this comment, I had no idea what was going on for the first 12 months and it sucked. Keep at it, it's just practice, you can get there :)
Thanks so much! You do a great job going over these topics quickly. Really helps for midterm crunch
You're very welcome! I hope you did well in your midterm!! 😊😊
Thank you, it helped me a lot understanding a difficult part in the syllabus.
I'm so glad to hear that! Thanks for the comment and good luck with your course :) :)
I'm very appreciative
Thx so much that helped me a lot ❤️
No problem 😊
Great job
Thank you! Much appreciated 🙏😊
Thank you ma’am 🥰
You’re welcome 😊 good luck with your study
Resolve the following: “The price of ice cream increased in the summer, yet
quantity also increased. Therefore, the law of demand does not apply to icecream, so in this case demand was increased n also price dts y quantity increased right??
Please explain I'm getting confused
Hi! The key here is in the ceteris paribus assumption, the Law of Demand says that if price increases quantity demanded decreases but we have to hold everything else constant (ceteris paribus) - what it looks like here is that the price increase is due to a change in tastes and preferences - the demand curve has shifted to the right which has led to a higher price in the market and a higher quantity traded. So in the example we are not changing the price ceteris paribus, so it’s not a violation of law of demand. Does that help?