Good video! You could use price elasticities to evaluate against price floors. If there's a necessity that gets a raised price, quality of life in the country will decrease as fewer people will be able to afford the necessity.
One question - Are these minimum prices set for individual products? For instance there is a price floor for milk and eggs, but no price floor for meat?
the government may use a max price for de merit goods like cigarettes and alcohol. so it makes them more expensive to buy. so the QD will be less. reducing the overconsumption of the good. But for merit goods like fruit and veg, the equilibrium price can be unfair to producers so the government might want the help and protect them. forcing us to pay a higher price. but that QD will fall. so the government will buy this excess supply. so producers still earn vast amounts of revenue.
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Good video! You could use price elasticities to evaluate against price floors. If there's a necessity that gets a raised price, quality of life in the country will decrease as fewer people will be able to afford the necessity.
very good video keep it up hey seh
Love this guy. 🥀
Hi, can you go over a walkthrough on model answers for exam questions on bigger mark questions please?
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Hi, what tips will you give for people who are giving march 2023 econ paper?
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Amazing :)
Its essentially Minimum Support Price.
Hi sir I just wanted to ask if you have any videos on business growth? Thank you
can these be used in the context of monopsonys? The govt may set a minimum price to prevent suppliers being paid a low price for their goods?
Yes in labour market
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Is this for aqa?
One question - Are these minimum prices set for individual products? For instance there is a price floor for milk and eggs, but no price floor for meat?
Yes exactly, there is a minimum price on Alcohol in scotland you could use that as an example, do further research.
Why wouldn't demand just shift to the right creating a new equilibrium which solves the market failure
the government may use a max price for de merit goods like cigarettes and alcohol. so it makes them more expensive to buy. so the QD will be less. reducing the overconsumption of the good. But for merit goods like fruit and veg, the equilibrium price can be unfair to producers so the government might want the help and protect them. forcing us to pay a higher price. but that QD will fall. so the government will buy this excess supply. so producers still earn vast amounts of revenue.
@@maday9425 You mean min price for demerit goods. And a max price for merit goods
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