Hi, thankyou for doing these videos, they are honestly fantastic. In this one I have noticed a mistake which i would recommend you edit with a citation so as not to confuse students. At 2:40 the supply curve is called "very inelastic" when actually it is the opposite. It is very elastic. To understand taxation, students must build off these original elastic/inelastic supply/demand theories, so please change the text to avoid any confusion. Thanks for your hard work.
I know Im asking the wrong place but does someone know a way to get back into an instagram account..? I was stupid forgot the account password. I would love any assistance you can offer me.
@Alvaro Azariah Thanks for your reply. I got to the site on google and Im trying it out atm. Takes a while so I will get back to you later when my account password hopefully is recovered.
2:38 You said the supply was "VERY INELASTIC", but we see a very shallow slope on supply, and we see a much more inelastic, (like a brick wall) STIFF RIGID STEEPLY SLOPED demand curve. Oh I see James Snell corrected you 3 years ago, but I'll leave my comment, so I get "Brownie Points" from the teacher!
There is a mistake in what you said during the video that made me bang my head against the wall at why am I not understanding it. At 2:38 you say that the supply curve is very inelastic, while it's very elastic. Instead of taking 9 minutes to figure out the video, it took me like 20 😂
Now if only people could understand that the whole free health care and education would probably be levied through "unseen" payroll tax increases on the employers...People often forget how important elasticity is !!
@@venatortheanimefan4526 And what happens when the tax burden falls on employers? Oh there you go again... no jobs or at least lack of jobs! Maybe the key is to have more economists in government positions and limit government intervention! Only let the government intervene in places where the benefits enormously outweighs the costs!
Hi, thank you for making these marvelous videos. But do you mind to make video about the practice questions on this section? I got really confused on some of the answers, and there are no explanations.
I tried being subjective and employed deductive reasoning to answer the practice questions and I got 6/10 I tried again, this time i was completely logical and drew multiple graphs on the side to build my case, and I still got 6/10. I feel like in economics there's no right or wrong answer when we're mostly speculating
Are there examples of a very elastically supplied good and the reasons as to why it's so elastically supplied; meaning a good with very little costs and can move around inputs easily. There's not many general goods/services I can think of an example that would have inputs that could be used elsewhere unless we're talking about monopolies (which we have yet to cover) as their input and output supply is so vast that their supply is therefore very elastic. Just a brainstorm of me trying to wrap my head around an elastic supply but if anyone can add anything to clear up what I'm trying to figure out it'd be helpful. Thanks.
Is there somewhere I can get more examples of a markets with an elastic supply? Examples of a good that has resources that can be used in other industries.
Ahmed Mohamud - if they have the same respective elasticities, then they spilt the difference in half. At equilibrium, the tax is almost always split evenly amongst the suppliers and consumers
@@Boristien405 thanks dear . do you mean both buyers and sellers share the burden of the tax? If so, how are they able to maintain such this market and pay tax on this goods because these goods have more elastic means both buyers and sellers have more perfect substitution. In addition, consumers have another substitute goods to consume while producers also have another substitute goods to produce efficiency and effectively.
Ahmed Mohamud - Yes, buyers and sellers almost always split the tax burden (incidence) evenly. For example, if there’s a $20 tax placed on hotel rooms, suppliers will have to lower their prices to keep enough customers. So if a room is already $50 before tax, the price will go to $40 before tax and $60 after tax. Now, the suppliers make $10 less than they normally would and the customers pay $10 more than they normally would. They split the tax burden evenly. This is the most common scenario when the market is at equilibrium and a tax is levied on either a buyer or seller.
For a total novice on this topic, you are going to have to define terms, I stopped watching after 45 seconds. There were two words whose context in this topic made no sense.
Marginal Revolution University the video itself is fine, it's great in fact. I think they're confused because it is, however, unclear if unfamiliar with elasticity of s/d. perhaps make the videos more sequential (or at least more obvious what order to watch them)
Continue learning with practice questions: mru.io/t29
Hi, thankyou for doing these videos, they are honestly fantastic. In this one I have noticed a mistake which i would recommend you edit with a citation so as not to confuse students.
At 2:40 the supply curve is called "very inelastic" when actually it is the opposite. It is very elastic.
To understand taxation, students must build off these original elastic/inelastic supply/demand theories, so please change the text to avoid any confusion. Thanks for your hard work.
I know Im asking the wrong place but does someone know a way to get back into an instagram account..?
I was stupid forgot the account password. I would love any assistance you can offer me.
@Braxton Makai instablaster :)
@Alvaro Azariah Thanks for your reply. I got to the site on google and Im trying it out atm.
Takes a while so I will get back to you later when my account password hopefully is recovered.
@Alvaro Azariah it worked and I now got access to my account again. I'm so happy!
Thank you so much, you saved my ass :D
@Braxton Makai you are welcome =)
2:38 You said the supply was "VERY INELASTIC", but we see a very shallow slope on supply, and we see a much more inelastic, (like a brick wall) STIFF RIGID STEEPLY SLOPED demand curve. Oh I see James Snell corrected you 3 years ago, but I'll leave my comment, so I get "Brownie Points" from the teacher!
omg, this was confusing in my text, and you have made it so simple in a matter if 10 minutes
+jayla kord That's what we want to hear! Glad you're finding our videos helpful for your coursework. :D -Meg
There is a mistake in what you said during the video that made me bang my head against the wall at why am I not understanding it. At 2:38 you say that the supply curve is very inelastic, while it's very elastic. Instead of taking 9 minutes to figure out the video, it took me like 20 😂
Good explanation on the topic 👍🏾
Now if only people could understand that the whole free health care and education would probably be levied through "unseen" payroll tax increases on the employers...People often forget how important elasticity is !!
I think most people don't even know there is something like elasticity
That's why you need union to make sure the tax burden falls on the employer not employee.
@@venatortheanimefan4526 And what happens when the tax burden falls on employers? Oh there you go again... no jobs or at least lack of jobs! Maybe the key is to have more economists in government positions and limit government intervention! Only let the government intervene in places where the benefits enormously outweighs the costs!
@@doseoffaiyaz or you could make the employer and employee the same thus eliminating this issue.
@@venatortheanimefan4526 What does that even mean?
Hi, thank you for making these marvelous videos. But do you mind to make video about the practice questions on this section? I got really confused on some of the answers, and there are no explanations.
That is coming! We do have some "office hours" videos you can see here (more on the way):
th-cam.com/video/gudArsau8pU/w-d-xo.html
-Roman
At 2.44 some mistake occurred at the supply curve it sounds inelastic* please correct the word it should be more elastic*
I tried being subjective and employed deductive reasoning to answer the practice questions and I got 6/10
I tried again, this time i was completely logical and drew multiple graphs on the side to build my case, and I still got 6/10. I feel like in economics there's no right or wrong answer when we're mostly speculating
the practice questions are fucking hard and I don't understand why
Then you have a misunderstanding of economics.
the videos are great but the practice questions leave me more confused with no explanation for why I am wrong.
What happens on a graph when the governement reduces excise tax ?
Are there examples of a very elastically supplied good and the reasons as to why it's so elastically supplied; meaning a good with very little costs and can move around inputs easily. There's not many general goods/services I can think of an example that would have inputs that could be used elsewhere unless we're talking about monopolies (which we have yet to cover) as their input and output supply is so vast that their supply is therefore very elastic. Just a brainstorm of me trying to wrap my head around an elastic supply but if anyone can add anything to clear up what I'm trying to figure out it'd be helpful. Thanks.
Is there somewhere I can get more examples of a markets with an elastic supply? Examples of a good that has resources that can be used in other industries.
Thank you. [but what about if both supplier's and demanders have more elastic]. √Who pays the most tax?
Ahmed Mohamud - if they have the same respective elasticities, then they spilt the difference in half. At equilibrium, the tax is almost always split evenly amongst the suppliers and consumers
@@Boristien405 thanks dear .
do you mean both buyers and sellers share the burden of the tax? If so, how are they able to maintain such this market and pay tax on this goods because these goods have more elastic means both buyers and sellers have more perfect substitution. In addition, consumers have another substitute goods to consume while producers also have another substitute goods to produce efficiency and effectively.
Ahmed Mohamud - Yes, buyers and sellers almost always split the tax burden (incidence) evenly. For example, if there’s a $20 tax placed on hotel rooms, suppliers will have to lower their prices to keep enough customers. So if a room is already $50 before tax, the price will go to $40 before tax and $60 after tax. Now, the suppliers make $10 less than they normally would and the customers pay $10 more than they normally would. They split the tax burden evenly. This is the most common scenario when the market is at equilibrium and a tax is levied on either a buyer or seller.
this is so important
thank you!
2:38 Inelastic supply curve? are u sure about that?
Oh James Snell and Junk Mail has noticed too. Guess its a mistake after all
Can anyone tell where I can find the answers to the practice questions?
Very good!
So what is the real benefit of splitting social security taxes into two parts? Is it to deter cheating?
Thank you.
Bravo! great
Sorry , I don't understand the practice questions in this episode
So no backwards imputation of the sales tax to the owners of original factors?
0.o~
Ya'll should head to Jacob Clifford youtuber if ya'll wanna pass economics in a very fun way
You misspoke, it's the Unaffordable Sick Act.
For a total novice on this topic, you are going to have to define terms, I stopped watching after 45 seconds. There were two words whose context in this topic made no sense.
Thanks for the feedback. Which terms were confusing?
-Roman
Marginal Revolution University the video itself is fine, it's great in fact. I think they're confused because it is, however, unclear if unfamiliar with elasticity of s/d. perhaps make the videos more sequential (or at least more obvious what order to watch them)
He explains those terms later on in the video. You can easily google them if you can't wait