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How price controls reallocate surplus. Price ceilings and price floors. Price and quantity controls. The effect of government interventions on surplus. Taxation and dead weight loss. Example breaking down tax incidence. Percentage tax on hamburgers. Taxes and perfectly inelastic demand.
Another type of price control is a price floor, which is a minimum legal price. A real world example of a price floor is a minimum wage. In this video we explore how a minimum wage might affect a perfectly competitive labor market.
How price controls reallocate surplus. Price ceilings and price floors. Price and quantity controls. The effect of government interventions on surplus. Taxation and dead weight loss. Example breaking down tax incidence. Percentage tax on hamburgers. Taxes and perfectly inelastic demand.
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Summary of market equilibrium, disequilibrium, and changes in equilibrium in macroeconomics.
What are product markets? In this unit, you'll find out by focusing on the supply and demand model. How do changes in supply and demand create changes in market equilibrium? Power up your economics toolkit with the concepts of elasticity, surplus, and the impact of government policies.
How can we balance supply, demand, and prices so that neither buyers nor sellers feel taken advantage of? Learn how regulations support these kinds of markets that maximize efficiency and wellbeing.
Lesson 8: The effects of government interventions in markets. Rent control and deadweight loss. Minimum wage and price floors. Price and quantity controls. How price controls reallocate surplus. The effect of government interventions on surplus. Taxation and dead weight loss. Example breaking down tax incidence.
Lesson 1: Price elasticity of demand. Introduction to price elasticity of demand. Price elasticity of demand using the midpoint method. More on elasticity of demand. Determinants of price elasticity of demand. Determinants of elasticity example. Price Elasticity of Demand and its Determinants.
Perfect elasticity refers to a situation in which the quantity demanded is extremely sensitive to changes in price, with even a small change in price leading to a large change in quantity demanded. Created by Sal Khan.