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My professor ain't gonna respond for the next 2 weeks so maybe you will :D I was having trouble identifying what caused the decrease in the product I am writing about. After doing more research I believe it is population. Would population not only include the number of citizens of a country or state but as well of consumers in a market. In an example of Christmas trees. Let's say the demand decreased from December 10-20th because everyone simply already had a Christmas tree, which they bought in November and there is no reason to buy another. Would this be a decrease in the "population" meaning a decrease in the number of buyers? Thanks
To truly answer this question accurately you need to know WHY the consumers bought their tress in November. I say this because the shift factor in this scenario is more often than not, "Consumer Expectations." Everybody wants to get their Christmas tree early so that they can pick the best tree, and no one wants to get one in mid to late December as the "good" trees are already going to be gone. This would drive up demand (rightward shift) in November and decrease (leftward shift) in mid-December. And to answer your question about population, yet it can definitely encompass the population of consumers in the market, but for this scenario you presented, you first need to figure out WHY the Christmas tree consumers bought in November, to accurately diagnose the shift factor. Hope this helps, Carter!
![Calculating Elasticity of Demand [GIVEN A CHANGE IN PRICE] | Think Econ](/img/n.gif)
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A superb explanation sir..
Very well explained!
Thank you! :)
Wow so clear
Tnx teacher really your explanation are amazing 👏
I'm happy to hear that!
My professor ain't gonna respond for the next 2 weeks so maybe you will :D
I was having trouble identifying what caused the decrease in the product I am writing about.
After doing more research I believe it is population. Would population not only include the number of citizens of a country or state but as well of consumers in a market. In an example of Christmas trees. Let's say the demand decreased from December 10-20th because everyone simply already had a Christmas tree, which they bought in November and there is no reason to buy another. Would this be a decrease in the "population" meaning a decrease in the number of buyers?
Thanks
To truly answer this question accurately you need to know WHY the consumers bought their tress in November. I say this because the shift factor in this scenario is more often than not, "Consumer Expectations."
Everybody wants to get their Christmas tree early so that they can pick the best tree, and no one wants to get one in mid to late December as the "good" trees are already going to be gone. This would drive up demand (rightward shift) in November and decrease (leftward shift) in mid-December.
And to answer your question about population, yet it can definitely encompass the population of consumers in the market, but for this scenario you presented, you first need to figure out WHY the Christmas tree consumers bought in November, to accurately diagnose the shift factor.
Hope this helps, Carter!
I would love to see about the Monopoly and Oligopoly
If u all haven’t upload yet
We haven't made a video on them yet but if there's demand for it, then we'll definitely get on that! Glad you found this video helpful :)
i wish you're my tutor in school
This can be arranged. If you’re actually interested, reach out to think.econyt@gmail.com I’d love to help!
I have an econ test in about an hour, Godspeed 😂
You got this! Good luck! :)
So what happens to the consumer surplus and producer surplus when then demand ccurve shift to the left
Producer and consumer surplus would both shrink, leading to what we call "deadweight loss."
Everyone watching this like it
No way Mr Brady liked this
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