Thank you sir... I m clear... But there are many more determinants... 1. Substitute 2. Uses 3. Habit 4. Level of Income 5. Position of commodity in budget 6. Price 7. Time 8. Nature of the commodity whether luxury Or necessary... I mean our teacher gave 10 points but Everything goes in the 5 categories mentioned...
My school's rotation system for does not give my teachers enough time to thoroughly explain the topics, so they are kinda always pushing the work to not be behind. But now I am understanding this properly thank you.
I think the price should be on the x axis as the INdependent variable, and quantity is on the y-axis because it's dependent on change in price. Quantity changes is the output that we are trying to study...
I agree BUT.. As I am a student of Chartered Accountancy, I study both Math and Economics. The concept of dependent and independent variable on y-axis and x-axis respectively only applies in Math NOT in Economics due to some complex reasons. So, if you are a student or tutor of Eco, don't bother yourself anymore. Thanks
How about android and apple, Apple's market is narrower because you really have no choice if you want to stay in ios ecosystem but in android that is a bigger market seems to be less elastic, so I'm really confused wether a narrower or broader market is more or less elastic.
Apple and Android are both in the same market, so 'narrow market' and 'broad market' doesn't really refer to these two things. I would say Apple is price inelastic because they basically hold a monopoly over the smartphone industry (about a third of all devices sold are iPhones) which means they have pricing power. Also, brand loyalty (another determinant of PED) plays a significant role in the price inelasticity because a lot of people are willing to pay higher and higher prices for iPhones even if there are, in theory, better value substitutes. The price inelasticity is a reason why iPhones and Apple products, in general, are so expensive- demand doesn't decrease as significantly as price increases. Android is a bigger market so it's more elastic. Take Chinese phones as an example. They're all Android, and many of them make very similar devices. Xiaomi and Huawei have lots of sub-brands whose phones all look very similar and perform very similarly. Therefore, people won't be so turned off by a sudden price increase- they'll just turn to the cheaper phone. This is why, on the whole, brands like Realme, Pocophone, or Oneplus look to create the best value phone for a lower price than Apple- they need to stay price competitive just to hold what small share of the market they do have. Hope this helped.
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Your video was better than my text book. Thank you!!!
Great tutorial! When I have some difficulties in class, I always take look at this tutorial, that's so great, and so clear to improve your study.
Thank you sir... I m clear... But there are many more determinants...
1. Substitute
2. Uses
3. Habit
4. Level of Income
5. Position of commodity in budget
6. Price
7. Time
8. Nature of the commodity whether luxury Or necessary...
I mean our teacher gave 10 points but Everything goes in the 5 categories mentioned...
Absolutely!
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂❤😂 9:22 😂tarikh 😂EN😂😂eeeeeeeeeeeeddddedd 😂I was thinking 💭 💭 💭 💭 💭 you¡!!😂
well presented and pretty concise. Great help.
Very helpful. There's not any video on TH-cam like this.
Super Helpful Lectures !!
My school's rotation system for does not give my teachers enough time to thoroughly explain the topics, so they are kinda always pushing the work to not be behind. But now I am understanding this properly thank you.
thanks a lot
Assalamualaikum sir!finally I found bestest teacher for microeconomics .Easy and understandable method of teaching.plz keep it up.Thanks a lot.....
Thank you
Very easy to follow and helpful. Thanks, Sal and KA team! :)
That was good
I think the price should be on the x axis as the INdependent variable, and quantity is on the y-axis because it's dependent on change in price. Quantity changes is the output that we are trying to study...
I agree BUT..
As I am a student of Chartered Accountancy, I study both Math and Economics. The concept of dependent and independent variable on y-axis and x-axis respectively only applies in Math NOT in Economics due to some complex reasons. So, if you are a student or tutor of Eco, don't bother yourself anymore. Thanks
And that is exactly why it’s called an Inverse Demand Curve.
How about android and apple, Apple's market is narrower because you really have no choice if you want to stay in ios ecosystem but in android that is a bigger market seems to be less elastic, so I'm really confused wether a narrower or broader market is more or less elastic.
Apple and Android are both in the same market, so 'narrow market' and 'broad market' doesn't really refer to these two things.
I would say Apple is price inelastic because they basically hold a monopoly over the smartphone industry (about a third of all devices sold are iPhones) which means they have pricing power. Also, brand loyalty (another determinant of PED) plays a significant role in the price inelasticity because a lot of people are willing to pay higher and higher prices for iPhones even if there are, in theory, better value substitutes. The price inelasticity is a reason why iPhones and Apple products, in general, are so expensive- demand doesn't decrease as significantly as price increases.
Android is a bigger market so it's more elastic. Take Chinese phones as an example. They're all Android, and many of them make very similar devices. Xiaomi and Huawei have lots of sub-brands whose phones all look very similar and perform very similarly. Therefore, people won't be so turned off by a sudden price increase- they'll just turn to the cheaper phone. This is why, on the whole, brands like Realme, Pocophone, or Oneplus look to create the best value phone for a lower price than Apple- they need to stay price competitive just to hold what small share of the market they do have.
Hope this helped.
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Many students need to teaching method bangla language,subtitles or lecture in bangla
You almost said that there are very few substitutes for food, are you from another universe? 🕵️♂️
8.50 I just imagined Sal eating change Hahaha