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in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . | so will the farmer have to change what he grows if the the two crops keep competing for the number one crop ( what ever you can make less of and earn more money ) ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . if the number of suppliers were to go down , then the aggregate supply would go down at any ... | does a decrease in number of suppliers affect minimum price ( the price below which the supplier wo n't supply ) ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | how would the price of compliments changing effect supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the more people they are supplying , the higher the supply would be . so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . if the number of suppl... | does an increase in supply increase number of suppliers as well ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | would n't it fall into the category of `` price of inputs '' ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | maybe we 'll say , ok , if it 's now more expensive to get grape seeds , maybe i 'll start planting something else , because i 'm not getting as much profit per pound of grape . so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to prod... | is it : when price goes up , maximize profits ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | so why would the suppliers produce so much when they know that at a higher price , the quantity demanded would be low ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the more people they are supplying , the higher the supply would be . so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . | if i am a grape producer , when the number of suppliers goes up , would n't i produce less grape ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so price of other things i could produce , other things i can produce . if the price of other things i can produce goes up , then my supply of grapes , once again , would go down . an... | the supply goes down and the price goes up ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | now , when the expected prices in future are to increase , does the supply produced increases or the supply into the market increases ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the more people they are supplying , the higher the supply would be . so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . | at 3.47 , is n't number of suppliers itself a function of prices ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | does n't increase in number of producers reflect more of a movement along the supply curve rather than a shift of the supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . | do complementary goods have an effect on the quantity supplied of a good ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | does the definition of subsitute goods differ in terms of demand or supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | what are determinants which affect the supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | it 's not like you can save goods to use them later . but if , let 's say , you are an oil producer . and oil is something you can store and you can use it later . if you expected oil prices to be neutral today , and then tomorrow , all of a sudden , you are sure that oil prices are going to go up in the future -- you ... | as sal mentioned oil prices in this video , and this is the time after 2014 oil price plummet , i found it interesting to ask - is this the best time to make huge oil reserves for countries which import oil ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | if the other product was grape jelly , would the supply would go up as well ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . | 5 , what exactly does `` all else equal '' mean ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | i do n't understand , if we were talking about oil , then if the price of inputs went up , the price of gasoline would go up , therefore the supply would go up according to the video , therefore defying that idea of the price of inputs ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | what if the farmer , finds out that the demand the cost to produce green grapes is lower than the inputs for red grapes , would this also cause the entire red grape curve to shift to the left ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | 0 , when sal starts talking about future expectations for prices , what would be a hypothetical situation where people would be certain that future prices will increase ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | do not sell it today and wait to sell it in the future , if you 're sure that 's what 's going to happen . if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the ... | what kind of scenario would make people expect future prices to change ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | does the same principle applies to the supply of an individual 's labor ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | what would a new minimum wage law do to the supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | is it considered price of inputs ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | would n't supply stay the same since the oil is still being produced just not being sold to the general market ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and i would allocate more of my land to blueberries than to grapes . and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so price of other things i could produce , other things i can produce . if the price of other things i can produce... | why did you have the price for per pound ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | when sal talks about the factors that affect supply , does it mean that all the factors will make the supply of a good decrease ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | every year , the expected future price goes up , so why would n't you hold it for the 25 years every time ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . | how do we analyze if dynamic relations are taken into account ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so maybe i 'm a farmer -- and i know very little bit about farming , so i do n't even know if this is possible -- but maybe on my land , i 'm saying , well , some of my land is going to be for grapes and some of it is going to be for blueberries . and so what would happen if the price of a related good , in particular ... | what would happen to supply curve if the price of a complement good changes ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | if the price of inputs goes up then why would n't the price per pound increase too ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . if the number of suppliers were to go down , then the aggregate supply would go down at any ... | so if the number of suppliers increased more than market demand , there would be an excess quantity supplied , which would cause the market price to go down ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | how do you predict future prices ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and i would allocate more of my land to blueberries than to grapes . and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so price of other things i could produce , other things i can produce . if the price of other things i can produce... | how can minimum price be on y-axis ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . and we have to put our -- when we think about this , we do n't want to think of it from a demand point of view , because we 're talking about supply . | how can you sell zero goods for some specific price ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the expected future prices go from neutral to you expect future prices to go up dramatically , then current supply -- and that 's , i 'm just going to emphasize by writing the word current -- current supply will go down . so you can hoard it to sell it in the future . | what is opportunity cost ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | do not sell it today and wait to sell it in the future , if you 're sure that 's what 's going to happen . if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the ... | secondly , ceteris paribus in a competitive market when future prices are expected to go down , would a firm increase quantity supplied in response to make as much profit as possible ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | there 's less incentive for us to do it , especially if this is true only for grapes . maybe we 'll say , ok , if it 's now more expensive to get grape seeds , maybe i 'll start planting something else , because i 'm not getting as much profit per pound of grape . so if the price of my inputs , or if the price of my co... | in his example , if the `` new '' grape seeds cost most than the old ones , why not grow a different product for cheaper ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | when you talk about expected prices going up , would n't hoarding your product or rather decreasing the supply in market make that product more scarce ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | can you make it clearer how does the supply curve change in the last scenario of increase in expected prices ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | hey , obviously , if i can make more money off of blueberries now all of a sudden , i 'm going to allocate more of my land to blueberries than to grapes . supply of grapes will go down . now , let 's think about what happens with the number of suppliers . | if the government decided to take taxes on grapes , then what will it disturb the supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so maybe i 'm a farmer -- and i know very little bit about farming , so i do n't even know if this is possible -- but maybe on my land , i 'm saying , well , some of my land is going to be for grapes and some of it is going to be for blueberries . and so what would happen if the price of a related good , in particular ... | what a decrease in the price of oranges would lead to ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . and we have to put our -- when we think about this , we do n't want to think of it from a demand point of view , because we 're talking about supply . | what is the effect of price of complementary goods on the supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the grapes will just go bad . you might be able to , i do n't know , turn them into wine or something . but if ... | so , wo n't that increase the price of oil today ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | you ca n't hoard grapes , because the grapes will just go bad . you might be able to , i do n't know , turn them into wine or something . but if we 're talking about something like oil , you would say , hey , why should i pump all of the fixed amount of oil in the ground today to sell at today 's lower prices ? | does not that mean that ( according to law of demand ) the demand for my red wine goes up and i can raise my prices ( in one year or so ) for my red wine ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the more people they are supplying , the higher the supply would be . so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . | if the # of suppliers goes up and aggregate supply curve obviously goes up due to more producers , however since there is more product on the market , would n't individual supply curves go down due to over distribution ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | there 's less incentive for us to do it , especially if this is true only for grapes . maybe we 'll say , ok , if it 's now more expensive to get grape seeds , maybe i 'll start planting something else , because i 'm not getting as much profit per pound of grape . so if the price of my inputs , or if the price of my co... | maybe you have trouble selling your grapes because now there are so many grape producers ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . | or do we assume that increasing number of producers is directly related in someway to the demand and we should't worry about the product not being bought ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | can we also say that the supply of blueberries would go up too ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . | around when he starts talking about related good , how is blue berries related good when i would think that wine is more related or is that we are supplying grapes to the winery ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | would n't it make more sense to bump production to create more supply while the price is low therefore having more supply when the prices are higher ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and oil is something you can store and you can use it later . if you expected oil prices to be neutral today , and then tomorrow , all of a sudden , you are sure that oil prices are going to go up in the future -- you 're sure that a year from now , oil prices are just going to go through the roof -- what 's your incen... | if you start hoarding that oil , and especially if all the producers started hoarding that oil while they bide their time waiting for oil prices to increase , then that would drive the prices through the roof a lot quicker than the producers expected , right ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . | are the suppliers compliment goods ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so maybe i 'm a farmer -- and i know very little bit about farming , so i do n't even know if this is possible -- but maybe on my land , i 'm saying , well , some of my land is going to be for grapes and some of it is going to be for blueberries . and so what would happen if the price of a related good , in particular ... | because from what i understood , blueberries and grapes are substitutes , so would suppliers be compliments ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | how do you know the slope for the curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | how does wages affect the supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the number of suppliers goes up -- and now you would n't imagine -- this is a curve maybe for the aggregate supply . so if the number of suppliers goes up , then the aggregate supply would go up at any given price point . if the number of suppliers were to go down , then the aggregate supply would go down at any ... | i do n't really understand why : when the number of suppliers goes up , the price also goes up , does n't that has to be that the price will go down , because more people now produces this type of production ( unless it has high opportunity cost , and this why the price is going higher ) ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so maybe i 'm a farmer -- and i know very little bit about farming , so i do n't even know if this is possible -- but maybe on my land , i 'm saying , well , some of my land is going to be for grapes and some of it is going to be for blueberries . and so what would happen if the price of a related good , in particular ... | why are blueberries considered a related good to grapes in this example ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the grapes will just go bad . you might be able to , i do n't know , turn them into wine or something . | - `` you ca n't hoard grapes , because the grapes will just go bad '' ca n't we protect them with natural methods or chemical preservatives ( if to be stored for even longer ) ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | are inputs similar to complements as sal said in the demand curve vids ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | is n't expectation of future price rises a cause of expectationary inflation ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | it 's not like you can save goods to use them later . but if , let 's say , you are an oil producer . and oil is something you can store and you can use it later . | say , the technological developments for one producer and the complement factor of production for another producer , would this affect the overall market supply law ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and i would allocate more of my land to blueberries than to grapes . and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so price of other things i could produce , other things i can produce . if the price of other things i can produce... | was n't the whole chart based on how much an individual actor ( farmer , whatever ) is willing to produce considering the current price on the market ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . | so how exactly would the number of suppliers increased affect the quantity a farmer decides to produce ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so price of other things i could produce , other things i can produce . if the price of other things i can produce goes up , then my supply of grapes , once again , would go down . an... | would i ask u that , why the supply goes down when the the input goes up ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | why would price go up if all else stays equal ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and oil is something you can store and you can use it later . if you expected oil prices to be neutral today , and then tomorrow , all of a sudden , you are sure that oil prices are going to go up in the future -- you 're sure that a year from now , oil prices are just going to go through the roof -- what 's your incen... | if the producers of oil understand that prices will skyrocket in 1 year than they will produce as much as possible in order to have the largest amount possible in 1 year and sell it on huge profit right ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | is supply how much you have or how much you are currently selling ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | how is the supply of perishable goods affected if the expected price will go up next year ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | it 's not like you can save goods to use them later . but if , let 's say , you are an oil producer . and oil is something you can store and you can use it later . | if i am an oil producer and expect the oil price to go down next year will i reduce the production or maximize the production ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and we have to put our -- when we think about this , we do n't want to think of it from a demand point of view , because we 're talking about supply . you want to think about it from the producer 's point of view . so when we think about related goods here , we want to think about substitutes for production . so maybe ... | how the prices of related good , which is called substitutes for production from the view point of the suppliers , affects the whole supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | but if we 're talking about something like oil , you would say , hey , why should i pump all of the fixed amount of oil in the ground today to sell at today 's lower prices ? i 'm going to lower the supply today , so i can sell it in the future . so if the expected future prices go from neutral to you expect future pri... | can we think of case 5 ) as follows : the future prices seem stunningly benefiting , so we 'd rather not grow grapes today and grow to tomorrow so the currant grape supply goes down instead of the storing for the future which will also reduce the supply today ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | i 'm going to lower the supply today , so i can sell it in the future . so if the expected future prices go from neutral to you expect future prices to go up dramatically , then current supply -- and that 's , i 'm just going to emphasize by writing the word current -- current supply will go down . so you can hoard it ... | based on factor no 5 current supply is the measure that changes.would n't be more accurate to have as x axis in the graph current supply instead of quantity produced since whatever is being produced doesnt necessarily mean that is supplied ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | i 'm going to lower the supply today , so i can sell it in the future . so if the expected future prices go from neutral to you expect future prices to go up dramatically , then current supply -- and that 's , i 'm just going to emphasize by writing the word current -- current supply will go down . so you can hoard it ... | will the current quantity supplied by the producer increase in order to make the best profit ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then you would have the whole curve shift to the right . now let 's think about related goods . so what happens with the price of related goods . and we have to put our -- when we think about this , we do n't want to think of it from a demand point of view , because we 're talking about supply . | as it is quite certain from the supply curve that when there are too many goods in the market , does n't the price per unit fall ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . | is it a violation to the law of supply or just that i have n't considered ceterus paribus ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and we saw that . as the price goes up , we moved along the supply curve , and the quantity produced went up . now what i want to talk about in this video is all of the things we held equal in the last video . | does the supply curve touch the price axis , or does it start at a very small number of quantity supplied ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | if the price of related substitutes goes up , thus dropping the aggregate supply of your product , would n't the price of your product also go up because there is a lower supply therefore compensating for the initial shift ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | how does demand affect quantity supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | i 'm going to lower the supply today , so i can sell it in the future . so if the expected future prices go from neutral to you expect future prices to go up dramatically , then current supply -- and that 's , i 'm just going to emphasize by writing the word current -- current supply will go down . so you can hoard it ... | does only demand and supply affects prices ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the grapes will just go bad . you might be able to , i do n't know , turn them into wine or something . | blueberries ) increases , then , assuming that increased price of inputs does n't affect the cost of growing grapes , would n't that also shift the supply curve of grapes to the right ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and the important thing is , is in any of these circumstances -- literally , just think it through . do not just look at what i 'm writing here and just try to memorize it in some way , shape , or form . this is really just a way to think about things . | is there a good way to memorize these laws other than just writing notes on what sal says ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | i want to ask whether there is some rule that the prices and quantity demanded or supplied can not change with the same proportion like at first the price was 1lb and the quan.supplied was 1000 lbs and at the end it changed with different proportion ... .. ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | now let 's think about related goods . so what happens with the price of related goods . and we have to put our -- when we think about this , we do n't want to think of it from a demand point of view , because we 're talking about supply . | what happens to the price ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | an increase in price or a decrease in price of inputs would increase the number of suppliers ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . | also is n't better technology another way of decreasing the price of inputs ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all of a sudden , it costs me more to produce even that first unit . and likewise , if my price of my inputs went down , now all of a sudden at any given price point , producing grapes ... | if we assume that the price of blueberries increased from $ 1 to $ 2 , but the price of grapes was still greater at $ 4 then why would the supply of grapes decrease as more profit can still be made from producing grapes ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | how does this law of economics influence those two industries , and how does it influence the supply curve in general ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | supply of grapes will go down . now , let 's think about what happens with the number of suppliers . and this one is pretty common sense . | what does sal mean by `` suppliers '' ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | what is going to happen to the demand and supply curve if 'a change in the price of a material input ' ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | if the number of suppliers were to go down , then the aggregate supply would go down at any given price point . so this one , hopefully , is somewhat obvious . then we could think about things like technology . and so this is just maybe , there 's some innovation , some new type of seed that with the same amount of wor... | ceteris paribus this is true , but could one not expect that a swift increase in suppliers could lead to a net decrease in supply by flooding the market and drastically reducing demand ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | and then the last one , i 'll cover -- and it 's a little bit strange in the grape analogy -- is the expected future prices . so the expected future prices , price expectations . now let 's go away from the grapes , because grapes , they 're perishable goods , they go bad . | are you assuming that the industry is a price taker when talking about future prices ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if the price of my inputs , or if the price of my cost -- or if the size of my costs goes up , at any given price point , i 'd want to produce less . so if my price of inputs go up , my supply , the supply , would go down . so if this becomes , at this price point , i 'd make less money , so i would produce less or ... | is n't it quantity supply instead of supply ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so it 's kind of the same thing here . the price of inputs might go down . so that would make your supply go up . or you could just say , hey , look , there 's just going to be more grapes popping off of these new types of vines that we got , so we 're just going to produce more grapes . | so if all the oil is stored for later , with less available on the market , would n't that make the future price go up , even if it was n't going to originally ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so maybe i 'm a farmer -- and i know very little bit about farming , so i do n't even know if this is possible -- but maybe on my land , i 'm saying , well , some of my land is going to be for grapes and some of it is going to be for blueberries . and so what would happen if the price of a related good , in particular ... | but is the price of blueberries goes up would n't the quantity demanded would go down , so i would get stuck with unsold blueberries and people would actually demand more grapes since it would be a cheaper good ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | so if this becomes , at this price point , i 'd make less money , so i would produce less or maybe i would produce other things . so the whole supply curve would shift to the left . and also even the minimum price i would need to supply any of it would also go up , when you shift the curve to the left , because now all... | how do you calculate the slope of a supply curve ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | well , if the price of blueberries went up , then i would say , wow , maybe i can do better with blueberries . and i would allocate more of my land to blueberries than to grapes . and so once again , the price of related goods -- well , it depends which related goods -- but if the price of productive substitutes -- so ... | how does the price mechanism allocate scarce resources ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | then we could think about things like technology . and so this is just maybe , there 's some innovation , some new type of seed that with the same amount of work , the same amount of land , can produce that many more grapes . so if we have technological improvements -- i 'm assuming we 're not going to go into some typ... | how many acres of land does it take to produce half a ton of grapes ? |
in the last video , we introduced ourselves to the law of supply . and it was a fairly common sense idea that if we hold all else equal , that if the price of something goes up , there 's more incentive for more producers to produce it or a given producer to produce more of it . and we saw that . as the price goes up ,... | if there 's a change in expected future prices -- so if you go from neutral to expecting prices go up -- prices go up in the future , then you 're going to hoard your goods . you ca n't hoard grapes , because the grapes will just go bad . you might be able to , i do n't know , turn them into wine or something . | why does n't any natural logistic factor ever seem to some into economics ? |
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