This taught me more than my Econ teacher has over the past couple of weeks! You have amazing teaching skills especially complemented with the visuals. Thank you so much🙏🏽🙏🏽
THANK YOU I LOVE YOU. my ap micro teacher is horrible he's a golf coach and he's out of school on tours on 4 of the 5 days in the week days. whenever he comes to school he will just give us a notes packet and expect us to review it. you saved my grade my avg went from a 61 to an 83 after I scored a 100 on the imperfect competition test. thank you so much love this channel keep it up.
Got done brushing my teeth and thought to myself, “if my mouth is a fixed amount, and there’s more water within it, there’s less work that that water can do in comparison to a lower amount of water”. Thank u Mr. Reed for teaching me this.. will be going to business economics at Davis soon!
A girl who recently got 100% on our last test in my AP Econ course told our class to watch your videos for review. This video really helped me understand most concepts and I hope I get a good grade on my test tomorrow :)
I wanted to express my sincere gratitude for your outstanding Econ review video. Your clear explanations and engaging teaching style truly set you apart. In my opinion, you’re better than Mr. Clifford! Wishing you the very best in life, and thank you for your invaluable contribution to learning.
You did a great job of explaining this unit! Watching this detailed video makes me a good bit more confident for when I take the test. Thank you! I'll make sure to come to your channel every now and then when I could use the help.
Thank you! Here's an article I wrote about game theory that might help. The prisoner's dilemma is the example. Good luck! www.reviewecon.com/oligopoly1
Hi! I have a question for oligopoly. I'll ask the question based on your example. As you said, Tuan's Trims has dominant strategy but Sheron's snips doesn't. Why does Sheron's snips still have a " choice" to pick 1500? I thought 1600/1400 is the Nash equilibrium because Sheron's snips always have to follow Tuan's trims' decision.
Sharon doesn't HAVE to do what Tuan does, but her best decision is based on what Tuan does. That's why she doesn't have a dominant strategy. Tuan's best move is independent of what Sharon does, and that's why he does have a dominant Strategy. The Nash equilibrium in this example is the lower right quadrant. Watch the video again to see how the choices break down. If each firm acts independently (choosing their best move based on the other's possible move), that is where they will end up.
The dotted line is part of the shaded rectangle. It goes from the ATC to the demand curve over to the y-axis. Then the entire upper triangle is also part of the profit, when perfect price discriminating.
There isn't really a term (that I know of) for no dominant strategy. A Nash equilibrium is an outcome that would make an entity worse off is they change their strategy (without the other entity changing). So Nash equilibrium and dominant strategy are very different terms.
No. It is possible for there to be no Nash. It is also possible for there to be two. If either entity has a dominant strategy, there will surely be a Nash. Good luck on your exams!
Hello Sir, your microeconomics summary video was very helpful for me in understanding Imperfect competition However, there are still various concepts I still haven't able to load my mind through Here are some of my questions that I hope you can help me find an answer to: The marginal revenue is the amount of revenue a firm receive after the sale of one additional unit, isn't that similar to price ? And why is the marginal revenue equal to price in perfect competition but not in imperfect competition
For a perfectly competitive firm, MR is equal to the price. But for a single price monopoly, when they sell more, they lower the price on all units. As a result the MR is less than the price. If a monopoly can sell 2 units at $8 TR is $16. If they must lower the price to $7 so sell a 3rd unit TR is now $21. MR is just $5 ($21-16). It is lower than the price because the 3rd unit brought in $7 more dollars, but the price of the first two units was lowered by $1 so those to units bring in $2 less. As a result MR is $2 less than the price in this example. See here for more about it. www.reviewecon.com/monopoly I hope that helps!
Hello sir! I was just wondering if they'd be in anyways for me to send you an example in regards to second degree price discrimination (if possible) I'm just a bit confused about how, although there are three prices (PS - MC = MR, P1 discriminated for single buyers, P2 discriminated for bulk buyers), and quantity produced seems to be made and sold simultaneously at level of PS, profit is still being made for P1 and P2 It sounds a bit confusing, that's why I was just wondering if there'd be any chances for me to email you an example Thanks, your videos are awesome as always
The example I got from is from this youtube video : ua-cam.com/video/h73HeC-2SbQ/v-deo.html The question of mine basically refers to how, if there are 6 unit produced and sold at PS, where did the extra 4 and 12 came from ? (for P1 and P2 respectively) Additionally, assume that these extra units came from somewhere, why isn't the graph also accounting for their cost ? (that might overlap profits made in PS)
In that example, the first 4 units could be sold at a higher price of P1 (Mr. Welker made up the number to illustrate the point). While units 8-12 could be sold at a price of P2 (again those numbers were randomly choses by Mr. Welker to illustrate the point). For AP econnomics, we have a perfect price disctiminator that charges every price along the demand curve. This removes the stairstep revenue you see in Welker's video and causes MR to merge with the demand curve. I hope that helps!
These videos follow the AP micro Course Exam Description from the College Board. Subsidies are in unit 2 and unit 6 and price ceilings are in 2 and 6. Good luck with your exams!
Unfortunately I do not have any Review videos on globalization topics yet. In a few weeks I will make a review video covering international trade and foreign exchange. In the meantime, here is what I've got for you at ReviewEcon.com www.reviewecon.com/ap-macroeconomics-ced-alignment#CED6 Good luck!
POV: you’re watching this because Clifford was being a sellout in his unit 4 summary video
I have nothing but respect for Clifford, but I am glad to have you watching my channel! Good luck with your exams!
lmao same bruh
LMAOOO FACTS
istg sooo true
LMAOOOOO
Thanks to the monopolistic competition of youtube, I was able to find a similar product to Mr. Clifford at a different price, free.99
Yep! Low barriers to entry. 😀
Not with any of this "because of Clifford stuff". Your content is just explained much better imo and you're much more straight forward
Glad my videos worked well for you!
Good luck with your exam!!
This taught me more than my Econ teacher has over the past couple of weeks! You have amazing teaching skills especially complemented with the visuals. Thank you so much🙏🏽🙏🏽
You're very welcome. I am glad I could help!
Good luck with your exams!
THANK YOU I LOVE YOU. my ap micro teacher is horrible he's a golf coach and he's out of school on tours on 4 of the 5 days in the week days. whenever he comes to school he will just give us a notes packet and expect us to review it. you saved my grade my avg went from a 61 to an 83 after I scored a 100 on the imperfect competition test. thank you so much love this channel keep it up.
Nice job on that exam! Good luck on the next one! 😄
I really appreciate the effort put into these. Thank you!
You're welcome!
Got done brushing my teeth and thought to myself, “if my mouth is a fixed amount, and there’s more water within it, there’s less work that that water can do in comparison to a lower amount of water”. Thank u Mr. Reed for teaching me this.. will be going to business economics at Davis soon!
Awesome!! Good luck!
How is the Business Economics program at Davis? Planning to apply there for the same this year.
I genuinely believe he is the best teacher you can ask for
You are too kind. Thank you!
Respect that this man replies to every comment. Thank you so much for the video.
😀 You're very welcome!
And thank you!
A girl who recently got 100% on our last test in my AP Econ course told our class to watch your videos for review. This video really helped me understand most concepts and I hope I get a good grade on my test tomorrow :)
Good luck on that exam!!🤞🤞🤞
I wanted to express my sincere gratitude for your outstanding Econ review video. Your clear explanations and engaging teaching style truly set you apart. In my opinion, you’re better than Mr. Clifford! Wishing you the very best in life, and thank you for your invaluable contribution to learning.
Thank you very much for the kind words! Best of luck to you with your studies!
Thank you so much! You have an amazing talent for simplifying complex subjects, and I am incredibly grateful for it!
Thank you! I hope your exams go well!
You did a great job of explaining this unit! Watching this detailed video makes me a good bit more confident for when I take the test. Thank you! I'll make sure to come to your channel every now and then when I could use the help.
Thank you! Good luck with your exams!
Great video, it was really easy to follow, and you covered the whole chapter in under 20 mins. thanks a lot
You're very welcome! I'm glad you found it helpful!
Watching this the night before the exam... Helped a lot though, thank you!
Awesome! Good luck with your exams tomorrow!
3 years later and still helps. Thanks man 👍
You're very welcome! 😄
Tuan's Trim has the best haircuts and customer service out there... 5/5 stars!
No doubt! 😀
POV: you are here because ACDC Econ guy made us buy the review video
Whatever brought you, I'm glad you're hear! Good luck with your exams!
This is a great video to help me with my finals. Can you explain Prisoner's Dilemma please?
Thank you!
Here's an article I wrote about game theory that might help. The prisoner's dilemma is the example. Good luck!
www.reviewecon.com/oligopoly1
you're a legend! one day ur channel will be as big as other big channels!Good luck!
Thank you! That is very kind!
Not quite as good as mr. clifford but free and almost as good
Thanks! I think. 😉🤣
Clifford is the original!
Your videos are so helpful. Best most accurate resource out there. Thank you.
You're too kind! Good luck with your exams!
how does this guy only have 4k subscribers?? Awesome videos man
That is very kind. Thank you!
i’ve watched this like 10 times now. Thank you!!!!
You're welcome! Good luck on your exams!
Haven’t learned anything since December and I just started reviewing. Hopefully I can at least get a 3 or a 4
My Fall class feels your pain. Good luck!
You got this!
Hi! I have a question for oligopoly. I'll ask the question based on your example. As you said, Tuan's Trims has dominant strategy but Sheron's snips doesn't. Why does Sheron's snips still have a " choice" to pick 1500? I thought 1600/1400 is the Nash equilibrium because Sheron's snips always have to follow Tuan's trims' decision.
Sharon doesn't HAVE to do what Tuan does, but her best decision is based on what Tuan does. That's why she doesn't have a dominant strategy. Tuan's best move is independent of what Sharon does, and that's why he does have a dominant Strategy.
The Nash equilibrium in this example is the lower right quadrant. Watch the video again to see how the choices break down. If each firm acts independently (choosing their best move based on the other's possible move), that is where they will end up.
@@ReviewEcon got it thanks :)
I gotta calculate my max profit combination for my studying today. Making sure I don’t below MB before tomorrow 😂
😅 good luck tomorrow!
How is this guy so good at explaining something? I somehow got it all now
The world may never know! 🤷♂️😂
I'm glad my video helped! Good luck with your studies!
This is low key better than my teachers reviews thank you so much
I expect my own students feel that way too. 😅
Good luck with your exams!
Loved this vid, helped me pass my unit 4 exam today ❤️
I'm a so glad to hear that! Good luck on the next one!
At 9:35, is the light green shaded area supposed to go over/below the orange horizontal dotted line?
The dotted line is part of the shaded rectangle. It goes from the ATC to the demand curve over to the y-axis. Then the entire upper triangle is also part of the profit, when perfect price discriminating.
@@ReviewEcon 3 years later and still answering recent questions. u a real one
Thank you! I can't help but help! 😂
Thank you for the help. your explanations were cut and clear
You're welcome! Good luck with your exams!
very helpful video!! i hope your channel can get more subscribers 👍👍
They're coming along! Hit 19k today. 😅
I was pretty conffused before qathcing this, especially with game theory but man this was a great video. Thank You!
Awesome! I'm glad my video helped!
Good luck on your exams!
Is there a term opposite for dominant strategy? Would that be Nash Equilibrium? Thanks for these videos btw!
There isn't really a term (that I know of) for no dominant strategy.
A Nash equilibrium is an outcome that would make an entity worse off is they change their strategy (without the other entity changing).
So Nash equilibrium and dominant strategy are very different terms.
Thank you for this, really helpful!
You're very welcome! Good luck with exams!
Your videos are so helpful! Thank you so much
You're welcome! Good luck with your exams!
Do all payoff matrices have a nash equilibrium?
No. It is possible for there to be no Nash. It is also possible for there to be two.
If either entity has a dominant strategy, there will surely be a Nash.
Good luck on your exams!
Thank you and thank you again.
You're welcome!!
im trying to buy 15.00 combo but there's no link from cart to checkout!!
Click the "Check out with PayPal" icon. Try refreshing if it's not working for you.
Dude this is awesome
Thank you!
Hello Sir, your microeconomics summary video was very helpful for me in understanding Imperfect competition
However, there are still various concepts I still haven't able to load my mind through
Here are some of my questions that I hope you can help me find an answer to:
The marginal revenue is the amount of revenue a firm receive after the sale of one additional unit, isn't that similar to price ?
And why is the marginal revenue equal to price in perfect competition but not in imperfect competition
For a perfectly competitive firm, MR is equal to the price. But for a single price monopoly, when they sell more, they lower the price on all units. As a result the MR is less than the price. If a monopoly can sell 2 units at $8 TR is $16. If they must lower the price to $7 so sell a 3rd unit TR is now $21. MR is just $5 ($21-16). It is lower than the price because the 3rd unit brought in $7 more dollars, but the price of the first two units was lowered by $1 so those to units bring in $2 less. As a result MR is $2 less than the price in this example.
See here for more about it.
www.reviewecon.com/monopoly
I hope that helps!
ur literally the goat thank u
Thank you! Good luck with your studies!
These videos r awesome!
Thank you! I'm glad they are helpful.
Hello sir! I was just wondering if they'd be in anyways for me to send you an example in regards to second degree price discrimination (if possible)
I'm just a bit confused about how, although there are three prices (PS - MC = MR, P1 discriminated for single buyers, P2 discriminated for bulk buyers), and quantity produced seems to be made and sold simultaneously at level of PS, profit is still being made for P1 and P2
It sounds a bit confusing, that's why I was just wondering if there'd be any chances for me to email you an example
Thanks, your videos are awesome as always
The example I got from is from this youtube video : ua-cam.com/video/h73HeC-2SbQ/v-deo.html
The question of mine basically refers to how, if there are 6 unit produced and sold at PS, where did the extra 4 and 12 came from ? (for P1 and P2 respectively)
Additionally, assume that these extra units came from somewhere, why isn't the graph also accounting for their cost ? (that might overlap profits made in PS)
In that example, the first 4 units could be sold at a higher price of P1 (Mr. Welker made up the number to illustrate the point). While units 8-12 could be sold at a price of P2 (again those numbers were randomly choses by Mr. Welker to illustrate the point).
For AP econnomics, we have a perfect price disctiminator that charges every price along the demand curve. This removes the stairstep revenue you see in Welker's video and causes MR to merge with the demand curve.
I hope that helps!
@@ReviewEcon Yep I understood it now sir, thank you!
@@ReviewEcon So basically, Mr Walker’s example shows a firm producing a total of 12 units with each quantity within that 12 sold at different prices ?
Yes. Each group of quantities was sold at a different price (from the demand curve above that quantity).
Thanks a ton man! You gained a new subscriber :)
Awesome! You're very welcome. Good luck on your exams. 😀
Love from Nepal ❣️
Thank you! Good luck on your exams!
What about the AVC, do I just ignore it ???
You only need to worry about the AVC when it's relevant to the question (like shut down point, etc.). Otherwise, you can ignore it.
@@ReviewEcon ok thank you
really hope this helps or my grade is going down the shitter
I sure hope so too!! Good luck!🤞🤞🤞
This channel is great
Thank you!
good luck to everyone on the exam tomorrow
Yes! Good luck!
This is goated my guy
Awesome! Thank you!
We have same number of subs!
Very cool!
This pretty good but it did not talk about subsidies and price celings
These videos follow the AP micro Course Exam Description from the College Board. Subsidies are in unit 2 and unit 6 and price ceilings are in 2 and 6.
Good luck with your exams!
@@ReviewEcon Thankyou I have one right now
You're welcome!
Ending “monopoly” from Crashcourse Clifford in UA-cam AP Econ teaching “industry”😂
Just Joking😂
That right. Low barriers to entry will do that! 🤘😎
Good luck on your exam!
3:04
It's a monopoly bookmark! 👍
Do you have anything on globalisation
Unfortunately I do not have any Review videos on globalization topics yet. In a few weeks I will make a review video covering international trade and foreign exchange. In the meantime, here is what I've got for you at ReviewEcon.com
www.reviewecon.com/ap-macroeconomics-ced-alignment#CED6
Good luck!
@@ReviewEcon this may sound silly but what does ap stand for. I'm doing international edexcel economics
@@LifvingConnoisseur Advanced Placement. It's the level of the class
Thanks for stepping in Andrew! I missed this reply.
Yep, it's Advanced Placement (potential college credit class for high school students).
@@LifvingConnoisseur advanced placement test
my teacher subscribed to you
Awesome!
this dude>>>>>>jacob clifford
I'm not sure if that's true, but thank you!!
I love you.
Aww. That's sweet. But economics already has my heart!
Goat
Thank you!
legit
Thank you!
can you translate into Arabia😅
I wish I could!
My gf watches u
Awesome! Good luck to her on this year's exams!