why connecting the two points together? Sometimes the new supply curve won’t be parallel to the previous supply curve. So the new supply curve just should start from the new price and then parallel to the previous supply. Thanks for the video anyway, very easy to understand!
😢， yeah , I didn’t get the “ shifted parallel supply curve ‘either !!!! Can you illustrate more ? 😢 I understand the excess demand could drive the price to increase, to a point . But how should this increased price lead to the supply curve shift right 😢? As I learned from the previous chapter , price change only lead to the ‘movement ‘ not’shift’ , supply curve shift is only when cost of production decrease , productivity, technology change . 😂
@@veraz4901 But remember the price mechanism. A higher price in the market creates an incentive for new producers to come and enter the market as there are more profits available. More producers means supply shifts right.
How could price increase shift the whole supply curve? can price increase meaning the willingness and ability of producers to produce particular product increase? I thought the price incentivizes them to produce more with higher price and increasing the resource allocation, thus with the quantity supplied not the whole supply curve
What would happen if the quota was placed between the initial equilibrium and Q2. If it was much further to the right (maybe just a high quota) would that change much or just reduce the amount of surpluses lost?
The new increase in price of world supply to Pw + Quota incentivises domestic producers to enter the market and thus supply at quantity Q4. In other words, domestic producers are more willing to supply at higher prices - link to price mechanism.
For paper 1 (SL) the micro section had income elasticities and its effects or something idk. and the other question in micro was about market failure. (sorry i don't remember the part b sections to the micro questions but probably it would've been along the lines of "evaulate/discuss effects..." For macro, the first question was "describe how an increase in interest rates affects consumerism and investment in an economy. and the part b to that question was evaluating monetary policy. the second question you could choose from in my macro regarded economic growth and increasing actual output and evaluating whether on not if economic growth is always a good thing.
The exam wasn't hard. If you knew your stuff you'd be well on your way to a seven. The only bloooodddddyyy problem is time management. If you havent done ur finals yet i suggest you really stick to the 45 mins per each section. If you spend more time in one section you're going to stuff up the other section its an absolute given.
so essentially: quota is set by govt to protect producers. imports fall to Q1 to Q3. there is a shortage, because of persisting demand. price increases (for domestic and world price) to world price + quota suppliers motivated to produce and supply more, domestic supply shift to the right.
These videos are easy to follow, very logical and highly appreciated by IB students! Keep it up man, really awesome work!
agreed!! (i love his british accent lol)
IB students....bro go fuck yahself
@@sirjonestotherescue LOL agreed
@@sirjonestotherescue poor jealous boy
@@lucatorricelli6766 jealous of what? i go to nyu lol
i have a test on international econ and you taught me everything in less than 30 mins
Exam in 13 hours
@@ItsLeonel Exam in 35.5 hours
Exam in 4 hours.
Update: Got a 7 :)
exam in 24 hours
Studying for a test and was looking for easy explanation and this is it... And it's an Old Video. I hope You're doing Okay EconplusDal 🙏
I can't thank you enough for these!
Hi your videos are super helpful and free. Thank you for explaining IB econ in such very good way.
You are a gem!! Thanks for your services. :)
why connecting the two points together? Sometimes the new supply curve won’t be parallel to the previous supply curve. So the new supply curve just should start from the new price and then parallel to the previous supply. Thanks for the video anyway, very easy to understand!
😢， yeah , I didn’t get the “ shifted parallel supply curve ‘either !!!!
Can you illustrate more ? 😢
I understand the excess demand could drive the price to increase, to a point . But how should this increased price lead to the supply curve shift right 😢?
As I learned from the previous chapter , price change only lead to the ‘movement ‘ not’shift’ , supply curve shift is only when cost of production decrease , productivity, technology change . 😂
@@catherinecocuo483 same. price changes should only lead to a movement along the curve, i guess ....
@@veraz4901 But remember the price mechanism. A higher price in the market creates an incentive for new producers to come and enter the market as there are more profits available. More producers means supply shifts right.
How could price increase shift the whole supply curve? can price increase meaning the willingness and ability of producers to produce particular product increase? I thought the price incentivizes them to produce more with higher price and increasing the resource allocation, thus with the quantity supplied not the whole supply curve
your videos are amazing. I am so thankful for your teaching!
Much much better than my teacher!!! Thanks
absolute legend
You give Ross vibes from friends 🙄, and I don't know why I'm commenting this!
😂gee!!!! you made my day ,,, so stressed from preparing for exams ,,
I will have an Economics presentation tomorrow. Thanks a lot!
Thank you sir for your information .👍👍👍👍
i love you thank you for saving my econs
I love your videos. Thank you so much
This is so helpful! Thank you very much!
What would happen if the quota was placed between the initial equilibrium and Q2. If it was much further to the right (maybe just a high quota) would that change much or just reduce the amount of surpluses lost?
Thanks so much IB is so much easier!
How can a change in price cause a shift in supply as you suggest ?
The new increase in price of world supply to Pw + Quota incentivises domestic producers to enter the market and thus supply at quantity Q4. In other words, domestic producers are more willing to supply at higher prices - link to price mechanism.
Rufus Pierce Jones I havw the same question
hi thanks for your videos, I have IB exam tomorrow :(
how was the exam? i ran out of bloody time :///////////////
how was it
what concepts were on it?
For paper 1 (SL) the micro section had income elasticities and its effects or something idk.
and the other question in micro was about market failure.
(sorry i don't remember the part b sections to the micro questions but probably it would've been along the lines of "evaulate/discuss effects..."
For macro, the first question was "describe how an increase in interest rates affects consumerism and investment in an economy. and the part b to that question was evaluating monetary policy.
the second question you could choose from in my macro regarded economic growth and increasing actual output and evaluating whether on not if economic growth is always a good thing.
The exam wasn't hard. If you knew your stuff you'd be well on your way to a seven. The only bloooodddddyyy problem is time management. If you havent done ur finals yet i suggest you really stick to the 45 mins per each section. If you spend more time in one section you're going to stuff up the other section its an absolute given.
amazing video thank you so much
Great video!
love you man
what is the difference between the inside tariff quota rate (ITQR) and Outside Tariff Quota Rate (OTQR)? Can you help me plssss
Why the quota line isn’t vertical with the quantity line
why would there be a dead weight loss in efficieny over the output the foriegn firm produces?
Exactly
There might be an error!
because production has shifted from more efficient foreign producers to less efficient domestic producers
thank you bro
u da best
so essentially:
quota is set by govt to protect producers. imports fall to Q1 to Q3.
there is a shortage, because of persisting demand. price increases (for domestic and world price) to world price + quota
suppliers motivated to produce and supply more, domestic supply shift to the right.
I thought an increase in price shifted along the supply curve, not a shift of the curve?
That was my doubt too !
Last minute clutch from you
I have a few doubts about import quota with monopoly case are you available?
thanks
.vid very useful fr exams
Could you make the videos louder please?
turn up the volume
goat
Koepp Locks
ur him
yknow this guy probably takes his gf on a really good date
common vikkstar123 W