Microeconomics Graphs Review
ฝัง
- เผยแพร่เมื่อ 23 ส.ค. 2024
- Thank you for watching my econ videos. In an AP or introductory college microeconomic course you must draw, shift, and explain a bunch of graphs, including: supply and demand, perfect competition, monopoly, monopolistic competition, monopsony, externalities and more. In this video I explain all the key graphs you need. Make sure that you practice by doing sample free response questions. Thanks again.
Micro Ultimate Review Packet (includes NEW practice free response questions)
www.ultimatere...
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Your videos have taught me more in 5 mins than my economics professor has “taught” in a semester. I wish I was getting my money’s worth in college but no one cares anymore, especially the instructors.
Really?
Oh I’ve been there and it really sucks, best wishes and great thanks to Mr Clifford 🫡🫡🫡👏🏼👏🏼👏🏼
Daaaaamnnn bro, that one is tough but I can relate tho 🤣🤣🤣🤣
I used to think like that. In fact, they have built a foundation for you so now you can understand this content easier and faster.
Macro is probably a entry level gen Ed class full of students who don’t care, so I’m not surprised it has a professor who doesn’t care
00:00 - Intro
00:37 - Production Possibilities Curve
01:34 - Supply and Demand
02:17 - Supply and Demand (Price Ceiling)
02:43 - Supply and Demand (Price Floor)
02:57 - Supply and Demand (Excise Tax)
03:26 - Supply and Demand (Trade)
03:57 - Elasticity
05:03 - Short Run Per Cost Curve
06:01 - Short Run Total Cost Curve
06:43 - Long Run Average Total Cost Curve
07:18 - Perfect Competition
09:22 - Non-Price Discrimination Monopoly
10:13 - Monopolistic Competition
10:48 - Natural Monopoly
11:13 - Price Discrimination Monopoly
11:35 - Oligopoly
11:55 - Labor Markets (Minimum Wage)
12:07 - Perfect Competition Resource Market and Firm
12:42 - Monopsony
13:40 - Externalities
14:39 - Lorenz Curve
They are very rough time stamps, but hope it’s helpful.
👑
rest in peace
Legend
Thank you very much man, Bless you
the exams tomorrow im cooked💀
LMAOO ME TOO BRO
Gl bro, i had to speedran the entirety of AP Microecon in a week (i will take it in abt an 1hr)
Nah me too its almost 1:00 AND IM CRAMMING. Just realized how little I know
update?
Us bro
A big thanks to Jacob Clifford. I am a high school senior and gave AP microeconomics 2023. Only self studied the entire syllabus and refered to your last minute reviews before exam. Plus, I had never studied Economics in any of my high school years. Just found this subject interesting and easily grabbbed a 5 on the exam.
For those preparing for AP microeconomics: majority of the the things are based on common sense and general knowledge of how market works. Apart from that just follow this channel and remember the definitions and graph shifttings by heart and no one can take a 5 from you.
Believe in yourself and you're gonne ace it with extreme ease.
🙂🙂🙂🙂✌✌
My AP micro test is next week, immediately after my APUSH exam so this was definitely needed.
YEP
You're a real one. I learned a semester's worth of econ in just a few hours and I just aced my final. Thank you, thank you, thank you
tomorrow is my test, this man's saved me through the whole year. made it so understandable and fun to learn economics. Def looking forward to a 4 or 5!
GOOD LUCK MINES IN THE MORNNGGG
GOOD LUCK hopefully we both get 5's!!
Mines in t minus 2 hrs ahh
@@sadiemaxfield7566 HOW DO U THINK U DID??
@@rojinaadhikari4550 GOOD BRO I WAS SO NERVOUS but went great fr. u??
Perfect timing on this one. Thanks as always Jacob you’re the man
thank you! everyone with upcoming micro tests needs to watch this, its extremely helpful and easy to understand.
i really like how you explain what graphs are unlikely to appear, what parts of it are most important, what will likely will and will not draw, because that’s really important to know when you want to prioritize things to study
I ask my econ teacher questions like that and he just tells me it’s all important and i should study everything which is really frustrating when i spend a lot of time studying something that will likely not really be used so this is very helpful
17 days until my AP test and you just saved me. THANK YOU
4 hours to my exam and TH-cam shows me this video
God is real
I'm done with school now, but as soon as the goat of economics posted another video I just had to watch it. The nostalgia was hard
I have 45 minutes left before I have to go to my AP exam!! Thank you so much!!
Graphs are the most struggling part for me in economics till date.
Graphs are the entirety of economics
its not that bad if u understand the concept and u draw each graph atleast like 10 times
Exam is in 30 minutes, this channel goes crazy
I’m highly thankful for having you, hope you get whatever you deserve
This video was uploaded the day of my microeconomics exam that's insane
Micro AP this coming Friday 😱. Thank you so much for summing all the micro graphs!!!!! Luv ur videos!
The angelic music that came in when showing MR = MC got a chuckle outta me good job
My instructor is great but I'm so glad you made this video before I'm going to take the final!! Thank you, I love these videos :D
Your videos are amazing. It really helps me make all the concepts clear. Economics is fun after watching your videos.
Hi, love your videos! Would you be willing to make videos on IB economics course? They’re very similar to AP but slightly different! Would highly appreciate it as I have a few of my fellow IB friends who watch your videos too. Thank you!
Thank you for everything this year! Wish me luck tomorrow!
Let's do this! We getting 5's :D
i hope we can do it 🙏🏻
I couldn't be more thankful for this video
jacob i missed u (watched u in hs and im now in uni) and i love u 😭
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I don't know how this have 77.000 rewievs because it deserves a million.
this video serves as a very easy to understand recap, thank you
omg my final is on thursday THANK YOU
Very useful as per usual with your Econ videos!!!
Wow sir
I was waiting for the new video.
You're always on point ☝️
Needed this, I have my final this week
Really wish I would have found these videos at the beginning of the semester rather than at the end studying for my final 🥲
Best video ever. lots of love from Bangladesh.
Hi Mr. Clifford! I'm taking AP Microeconomics this year. I was actually wondering if you were doing any before AP exam review sessions on TH-cam. I've seen Heimler's History do those last year and was hoping you'd do the same. If not, thank you anyways. Your videos are godsends :)
This video provides a comprehensive review of the key microeconomics graphs, including production possibilities curve, supply and demand, cost curves, perfect competition, monopoly, and externalities. It emphasizes the importance of understanding the concepts of efficiency, surplus, and deadweight loss.
Key moments:
00:00 Microeconomics covers numerous graphs, introducing concepts like efficiency, equilibrium, and surplus, crucial for understanding markets and trade. Understanding these graphs is essential for mastering microeconomics concepts and applications.
-Efficiency, equilibrium, and surplus are fundamental concepts in microeconomics, illustrated through graphs like the production possibilities curve and supply and demand.
-The importance of consumer surplus, producer surplus, and deadweight loss in analyzing market interventions such as price controls and taxes, impacting allocative efficiency and total surplus.
-International trade impacts consumer and producer surplus, showcasing the benefits and challenges it poses, emphasizing the significance of total surplus in economic analysis.
05:02 Understanding cost curves in microeconomics is crucial for analyzing production efficiency and profit maximization. Marginal cost and average total cost are key indicators for decision-making in perfectly competitive firms.
-Differentiating between per unit cost curves like marginal cost and average total cost is essential for firms to determine production levels and profitability.
-Exploring the significance of long run cost curves and economies of scale provides insights into production efficiency and resource allocation in the long term.
-Comparing cost curves between perfectly competitive firms and monopolies reveals how market structures impact pricing, production levels, and economic efficiency.
10:05 Monopolies are not allocatively efficient as they prioritize profit over producing what society wants. Understanding key graphs like Monopoly, Monopolist Competition, Price Discrimination, and Oligopolies is crucial for economics students.
-Differentiating between Monopoly, Monopolist Competition, and Price Discrimination is essential for understanding profit and loss in economics.
-Exploring the concept of Oligopolies and Game Theory, including dominant strategy and Nash equilibrium, provides further insight into market dynamics.
-Transitioning to unit 5, the focus shifts to Labor Economics, examining concepts like minimum wage and perfectly competitive firms in the resource market.
Generated by ai
(some ai notes that might help :DD)
Okay ..now I think I'm in love with this economic person....🌿
Thanks big man
My AP exam is this Friday. I'm having a mental panic attack, but I'm hoping that it goes well given the info I get from your channel. Wish me luck lol
How did it go?
how'd you do? mine's tmrw and i'm nervous af
I got a 4! I didn't even finish the multiple choice questions 😅
@@rojinaadhikari4550 I wish you the best of luck. Cram, take it, then Pat yourself on the back
@@brandiiiiine Thank you sm!! I'm just going to try my best :)
2 hours to go…
My IB test is next week, could you cover all the graph in IB course. Thank you alot!
It really helped a lot
I'm British and this is very similar to what I have to learn for A-level which comes before University, I'm 18 what is this course he is teaching for the equivalent in America?
Oh my gosh, i had no clue if you fliped the graphs you could identify what market they WERE?!??
It's great to know thank you
daddy cliff
Thank you so much
Legend. Thank you!!!!
Thank for your video
Wow an interesting lesson ❤
for some this man reminds me of Mark Cuban.... Jacob be the econ goat tho
THANK YOU!!!
My final starts in less than 2 hours lol!
haha same
How’d it go
@@yalta5060 pretty good
think i got like an 88 or 90
Bless you sir ❤❤❤❤❤❤❤
Exam in 3 days, i just opened my book wish me luck
Exam Week...thanks dude
Not all heroes wear capes 🥹
crazy to see how this channel has improved over the years. I do miss AC/DC Econ though.
im not even taking ap i'm a british student but thank you kind sir for saving me
GOAT!
love the haircut
Willing to pay vs what they pay
Difference between prices ppl pay vs how much sellers want to sell it for
thanks
the best!
Any offer curves? Old school trade theory!
9:58 9:53 2:37 3:07 10:02 11:24
exam tomorrow inshallah at 8 am rn its 23 pm im so fucked
Will you come to my college and teach this?
Same
1 hour before the exam🫡
God blesss youuuu
shouldn’t D=AR for the monopolistic and monopoly graphs, instead of MR
D = MR = AR
Just did my finials there were no graphs just theory's about the graph it was hard
Doing mine in the next hr
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@Concilia Sunday That won't bother you if you trade with a professional like Mr Ray Dalio .
Ap exam tmrw 🙃
I see this thumbnail in my nightmares.
4:30 diminishing returns
Wots the difference between variable vs marginal x_x
Please do oligopoly 😭
🇰🇪 ❤
*you*
me
Like
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That's too easy. I probably get five.
This hurts my brain lol
🇿🇲🇿🇲🇿🇲😕✍🏽
bruh Americans be doing this in college, got damn a levels
I'm cooked
cooked
Womp Womp
Wimp womp
Price ceiling - favoritism towards consumers
Exams in 5 min
Me too
Wasnt helpful for me
cap u stupid ❤
My exam is in 6 hours we are coping💀