The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. D 2. B 3. E 4. D Need more practice?, Get the Ultimate Review Packet. It is FREE to start. Step 1: Go to: www.ultimatereviewpacket.com/ Step 2: Create a free account Step 3: Enroll in the free version of the MICROeconomics packet
Because the per unit tax seller receives is 6 that means their total revenue is 60 and isn't tax revenue higher than the revenue for firms? So total is 100 for tax
@@antisocialbarbie1587 for the tax revenue you do $10-&6 = $4 which is the price and then multiply that with the quantity of 10, which gives you 40 and that is the tax revenue. The net price for sellers was, as you stated 6, so the answer is in fact E.
@@2036za I am done with micro thank God, I got a B and I am not even sad about it my professor was sick and I am pretty sure had mental issues. I am taking macro now and I am slammed, I don't think I'll even get a B
the fact I already passed my micro exam with a 4 and got a notification of your video makes me sad 🥺 because of you, I got to achieve a 4 on my microeconomics exams... thank you!
I am concerned that what I learned in a week is just a 7 minutes video instead of a 3hr lecture and 2hr of tut session. However, I realize how much time I am saving up and put them in the right place.
Drowning chickens can also be a form of protest, as it directly shows the wellfare lost and causes the public to question the policies the gov implemented that lead to this
Answer to the Question: Option 'D' Demand will surely increase if government intervenes in the market and imposes a binding ceiling and as a result suppliers will supply less and there will be a shortage in the rental housing Market.
i want to ask what are the pros and cons of government intervention in the market for necessity goods like egg, fish and chicken. Consider the effects to both consumers and producers.
for subsidy, I can't seem to understand why the supply curve shifts only by that much i.e. new price equilibrium is $15. Why not go down to $10 ($20-$10)? why is the $10 vertical distance only shifts the curve by that much? Am I also right to say that supply curve shift because subsidy is considered a non-price factor although it does affect the price buyers need to pay?
hii , can you explain that in case of $10 subsidy, how is there deadweight loss cause people do want 40million chickens at $15 price producers getting $10 extra doesn't change consumers part right?
I've been looking everywhere but I can't find a video that explains a certain exercise, Due to the existence of a negative externality we want to regulate this market in order that the amount in equilibrium is of 3 units. What price policy would you recommend? Maximum or minimum prices? How would I calculate it?
Hi Clifford hope you well? I have a Case Study that i dont understand Can u help please. This is my question with the use of a diagram, explain the welfare costs of the government intervention in healthcare
@@tnt_grieferz9176 i still think it's B, let me explain my reasoning. The law is effectively a price ceiling. When there is price change, ceteris paribus, your demand curve and supply curve shouldn't shift (a shift is always caused by non-price factors!) But the quantity demanded increases and quantity supplied falls at the new lowered price (due to price ceiling). Since quantity demanded > quantity supplied, this is a shortage! I'll love to hear your reasoning for option E :D
Hello @@aliibrahim9121 , this is how i thought: The new equilibrium is where the demand curve intersects supply+tax curve, where price of 1 unit is $10 and quantity produced is 10. At this quantity of 10 produced, the supply curve shows that it is $6 to produce each unit. This is hence the net price for sellers. The additional $4 remaining from the $10 is paid as tax per unit. Total tax revenue will be the tax per unit times the quantity which is $4×10 = $40
What is the difference between the government giving businesses a subsidy which taxpayers eventually end up paying, and the government directly taxing people in the first place?
the companies who receive subsidies can afford to lower their prices on the market which makes them more attractive to the consumer. So this company can invest in elsewhere to be more efficient. Subsidies can also be use to make local companies more attractive to the consummer compared to foreign companies who sell on the same market.
I don’t know if you still need that, but I’ll explain them. first question A price ceiling, it will be always under the equilibrium. price ceiling will make two new points on the demand and supply curves. These new points are the new quantity demanded, and quantity supplied, as we know if there is a price ceiling, we will get a shortage because the quantity demand is more than the quantity supplied so the quantity demanded will increase and the quantity supplied will decrease because the price have decreased. Thus, price (up) QD (up) QS (down) Second question if you prohibit the price to increase it’s like you put price ceiling . A Price ceiling means the maximum price to sell. You couldn’t sell above that price, and you will get a shortage as a result of doing that. The price ceiling (under equilibrium ) always will make a shortage in the market. Price floor (above equilibrium )will always make a surplus in the market. Third question the revenue of the government is the the tax price times the quantity supplied. ( we want to calculate what producers have sold at the new equilibrium) How do we know the net price? We will draw a line from the new equilibrium downwards to the X-axis (line of Q) and it will meet the old supply curve, at the point where they are met , go to the left side to see the price it will be six dollars. This is the net price . The tax price minus the net price is the amount of tax per unit, or you can calculate the total tax revenue (QS times tax price ) then divide the product by the QS . In the fourth question you can try to subtract the tax price from the net price to get the amount of tax per unit. Tax price= 10,45 and net price = 9,45 The net price is the difference between tax price, and net price. Thus, net price is one dollar. 🎉🎉🎉🎉🎉🎉 I hope u got that 🐳😁
Jacob, you don't have to pretend like government intervention helps other sectors for the sake of being nuanced 😂 Government messes up most things it touches
The answers to the practice multiple-choice questions are below. Just click on "Read more".
1. D
2. B
3. E
4. D
Need more practice?, Get the Ultimate Review Packet. It is FREE to start.
Step 1: Go to: www.ultimatereviewpacket.com/
Step 2: Create a free account
Step 3: Enroll in the free version of the MICROeconomics packet
I think you’re wrong on 2
I am confused with number 3
Because the per unit tax seller receives is 6 that means their total revenue is 60 and isn't tax revenue higher than the revenue for firms? So total is 100 for tax
@@antisocialbarbie1587 As far as I understand, the tax revenue is calculated as 4*10=$40 or in other words tax*quantity of the new equilibrium.
@@antisocialbarbie1587 for the tax revenue you do $10-&6 = $4 which is the price and then multiply that with the quantity of 10, which gives you 40 and that is the tax revenue. The net price for sellers was, as you stated 6, so the answer is in fact E.
3:52 Subsidies
4:52 Taxes
I cannot thank you enough. This is literally a week of content in 7 minutes. Thank you so much.
He’s a legend
you're a legend at my high school, thanks so much for the content
You take micro econ in high school? Wow my countries education system sucks
@@mahamm559 ? what do you mean
@@2036za I only took econ during my preparatory year in college, in high school we only took math and science nothing advanced
@@mahamm559 oof that sucks. I'm taking micro right now and I absolutely hate it haha. I have a terrible teacher and Mr. Cifford is really helping me.
@@2036za I am done with micro thank God, I got a B and I am not even sad about it my professor was sick and I am pretty sure had mental issues. I am taking macro now and I am slammed, I don't think I'll even get a B
the fact I already passed my micro exam with a 4 and got a notification of your video makes me sad 🥺 because of you, I got to achieve a 4 on my microeconomics exams... thank you!
@@lillyjames2934 The grade of IBDP seperate into 1 to 7, so it's possible to get a 4 in this system.
If I get a uni degree it will be 100% bc of this man
I am concerned that what I learned in a week is just a 7 minutes video instead of a 3hr lecture and 2hr of tut session. However, I realize how much time I am saving up and put them in the right place.
opportunity cost
Mr Clifford, I staerted loving economics once again with help of you 🤩
God bless this man and his team , Especially this man .
Lol, did you actually bring those chickens on your set? death by laughter... love this. Keep it up.
"Floor's up high, ceiling down low!"
I have the same doubt
Thx I got two 5s because of you
Awesome!
@@JacobAClifford Sir you have forgotten to include the answers for the 4 questions at the back of the video
@@Saida___ its the pinned comment lol
@@diaavalur8982 I cant fine the pinned comments xD
I feel so horrible for those poor chickens...
You make really good videos love them all of them keep going👍🏻👍🏻👍🏻
0:19 He's balling with that chicken
dude shoulda sold his chickens clearly wasn't an economist
Drowning chickens can also be a form of protest, as it directly shows the wellfare lost and causes the public to question the policies the gov implemented that lead to this
You've helped me so much,God bless this men🥺
You're a lifesaver Mr Clifford（and woah live chickens.
I'm glad I found your channel!
you saved me from failing micro
Fantastic video!
"No chickens were hurt in the making of this video"
"Except the ones that were..."
"And MAYBE some others"
Answer to the Question: Option 'D'
Demand will surely increase if government intervenes in the market and imposes a binding ceiling and as a result suppliers will supply less and there will be a shortage in the rental housing Market.
i want to ask what are the pros and cons of government intervention in the market for necessity goods like egg, fish and chicken. Consider the effects to both consumers and producers.
for subsidy, I can't seem to understand why the supply curve shifts only by that much i.e. new price equilibrium is $15. Why not go down to $10 ($20-$10)? why is the $10 vertical distance only shifts the curve by that much?
Am I also right to say that supply curve shift because subsidy is considered a non-price factor although it does affect the price buyers need to pay?
Um what a good explanation, LoL keep it up.....I have understood the things which are failed to understand in class for One month
I got 1, 2, and 4 but missed 3. The correct answer was my second choice but I can't explain why. I guess I need to keep practicing. :)
so sublime.
hii , can you explain that in case of $10 subsidy, how is there deadweight loss cause people do want 40million chickens at $15 price
producers getting $10 extra doesn't change consumers part right?
thanks for this ennergetic class
What are the answers to the questions???
Nicely explained.
I've been looking everywhere but I can't find a video that explains a certain exercise,
Due to the existence of a negative externality we want to regulate this market in
order that the amount in equilibrium is of 3 units. What price policy would you
recommend? Maximum or minimum prices?
How would I calculate it?
Hi Clifford hope you well? I have a Case Study that i dont understand
Can u help please.
This is my question
with the use of a diagram, explain the welfare costs of the government intervention in healthcare
HE'S BACK!
This is saving my life, thank you so much
I can’t believe what I just watched. Clearly I came for Econ class.. but witnessed murders of innocent chicks.. I did not deserve this..
Bro he dda got chickens in his studio flying around everywhere
The Dead Weight Loss scream was really 🤣funny
What movies are the clips from?
Love this!
Thank you.
Q1: D
Q2: B
Q3: E
Q4: D
is this correct?
yup, thank you!
I often made mistakes, but i think Q2 is E, just not really sure.
@@tnt_grieferz9176 i still think it's B, let me explain my reasoning. The law is effectively a price ceiling. When there is price change, ceteris paribus, your demand curve and supply curve shouldn't shift (a shift is always caused by non-price factors!) But the quantity demanded increases and quantity supplied falls at the new lowered price (due to price ceiling). Since quantity demanded > quantity supplied, this is a shortage!
I'll love to hear your reasoning for option E :D
can you plz explain the answer for Q3?
Hello @@aliibrahim9121 , this is how i thought:
The new equilibrium is where the demand curve intersects supply+tax curve, where price of 1 unit is $10 and quantity produced is 10.
At this quantity of 10 produced, the supply curve shows that it is $6 to produce each unit. This is hence the net price for sellers.
The additional $4 remaining from the $10 is paid as tax per unit. Total tax revenue will be the tax per unit times the quantity which is $4×10 = $40
What are the answers for this quiz?
Mr. Clifford, where is a 1 hour video practice for unit 2?
1 - D
2 - B
3 - E
4 - D
how did you get #3?
Same I got d
Thank you!
GOOOOOOOOOOOOD
Mr. Clifford, I think you forgot to post the answers to this video.
Bruh..
Thank you xx
dang government really screws things up with price control
What is the difference between the government giving businesses a subsidy which taxpayers eventually end up paying, and the government directly taxing people in the first place?
the companies who receive subsidies can afford to lower their prices on the market which makes them more attractive to the consumer. So this company can invest in elsewhere to be more efficient. Subsidies can also be use to make local companies more attractive to the consummer compared to foreign companies who sell on the same market.
guys are we not going to mention bro got actual live chickens like where did those come from
I love you Jacob
Thanks bro
gracias te amo
4:45
Wait, please tell me you actually own chickens, no way those were edited in the video right?
better question how did bro get chickens
chickens on the loose🤣🤣🤣🐥🐥🐤🐤🐣🐔🐔🐓
Why is there a half empty gallon of skim milk on the shelf lol!
😭sir where is answers
❤
Can someone explain the answers?
I don’t know if you still need that, but I’ll explain them.
first question
A price ceiling, it will be always under the equilibrium. price ceiling will make two new points on the demand and supply curves. These new points are the new quantity demanded, and quantity supplied, as we know if there is a price ceiling, we will get a shortage because the quantity demand is more than the quantity supplied so the quantity demanded will increase and the quantity supplied will decrease because the price have decreased.
Thus, price (up) QD (up) QS (down)
Second question if you prohibit the price to increase it’s like you put price ceiling . A Price ceiling means the maximum price to sell. You couldn’t sell above that price, and you will get a shortage as a result of doing that.
The price ceiling (under equilibrium ) always will make a shortage in the market.
Price floor (above equilibrium )will always make a surplus in the market.
Third question the revenue of the government is the the tax price times the quantity supplied. ( we want to calculate what producers have sold at the new equilibrium)
How do we know the net price?
We will draw a line from the new equilibrium downwards to the X-axis (line of Q) and it will meet the old supply curve, at the point where they are met , go to the left side to see the price it will be six dollars. This is the net price .
The tax price minus the net price is the amount of tax per unit, or you can calculate the total tax revenue (QS times tax price ) then divide the product by the QS .
In the fourth question you can try to subtract the tax price from the net price to get the amount of tax per unit.
Tax price= 10,45 and net price = 9,45
The net price is the difference between tax price, and net price. Thus, net price is one dollar.
🎉🎉🎉🎉🎉🎉 I hope u got that 🐳😁
@@ahmadsaleh2 thanks for this. I didn't quite understand what the "dollar amount of the unit tax" meant.
D?
🎉
3 minutes into the video and I am listening to "Highway to hell"! Anybody knows why!??
4:43 why are there actual chickens wtf
Sees chicken video, check resolution, oh yeah, its still 720p lol
No one gonna talk about the milk behind him?
Mr Clifford try to speak slowly
Jacob, you don't have to pretend like government intervention helps other sectors for the sake of being nuanced 😂 Government messes up most things it touches
*All
Please POST THE ANSWERS!!
Look at my frist comment. The answers are there
We need to abolish capitalism
SO TRUE
idiot communist
@@Srifem shut up peasants, learn to work hard and earn skills
shut up peasants, learn to work hard and earn skills