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https://www.youtube.com/watch?v=hvMAec06_Uo

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https://www.youtube.com/watch?v=ha-ssoI6S0Q

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occurs when some of the costs or the benefits of a good or service are passed onto or ¨spill over to¨ someone other than the immediate buyer or seller
- Negative Externality
these cause supply-side market failures. These failures happen because producers do not take into account the costs

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When there is a semi-non-rival or a semi-non- excludable good where as a whole it is a public good, but in certain areas it becomes exludable. Ex: people at the beach who take a spot before anyone else does, but the beach is open to everyone.

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deciding whether to provide a particular public good and how much of it provide

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A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Non-rivalry
In more general terms, almost all private goods are rivalrous. In contrast, non-rival goods may be consumed by one consumer without preventing simultaneous consumption by others. Most examples of non-rival goods are intangible.
Nonavailability
In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. ... Public goods that are available everywhere are sometimes referred to as global public goods.

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Rivalry-one person consumes a product another consumer won't be be able to
Exludability- sellers can exclude consumers who don't purchase from buying a certain product, making it only purchasable for those who are willing and able to pay the market price

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Are from underproduction and erprodution

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C- the benefit surplus for consumers, the difference between max price and actual price consumer is willing to pay
P- difference between what producer receives and what the consumers pay at a minimum price for production of a certain product

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D- when a demand curve don't show a consumer's full willingness to buy a service
S- when supply curve doesn't show the full costs of producing goods

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Coefficient of income elasticity of demand provided insight into the economy

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In economics, an inferior good is a good whose quantity demanded decreases when consumer income rises (or quantity demanded rises when consumer income decreases), unlike normal goods, for which the opposite is observed

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In economics, normal goods are any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.

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https://www.youtube.com/watch?v=nsWuzS_dEM8

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Measures the response of consumer puchases of 1 product is to change in price of another product
Sub Goods- if cross elasticity moves positively when the sales of X and change of price of Y move in the same direction , Comp Goods- negative, X and Y go different directions, Independent Goods- zero, X and Y arr unrelated, Application- used to know if a merger would be a good idea

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https://www.youtube.com/watch?v=A2Yz-Bn9g9A

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the demand of a product is more elastic the more a consumer takes time to purchase. The consumer looks for other substitutes if there is a price change. Also the durability of a product is taken into consideration

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this depends on how easily and therefore quickly producers can shift resources between alternative uses
- The Market Period
period that occurs when the time immediately after a change in market price is too short for producers to respond with change in quantity supplied
- The Short Run
period of time too short to change plant capacity but long enough to use the fixed-sized plant more or less intensively.
- The Long Run
time period long enough for firms to adjust their plant sizes and for new firms to enter (or for firms to exit) the industry

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the more a product is considered a luxury, the more it has of price elasticity of demand

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the smaller the proportion of income spent on goods the lower its elasticity of demand

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the relationship of the demand schedules when the price of one good changes. ... Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption).

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Determinants of Price Elasticity of Demand

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Determinants of Price Elasticity of Demand

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https://www.youtube.com/watch?v=eo7bMHDwZiA

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If the demand is inelastic ,a price decrease will reduce total revenue . The increase in sales will not fully offset the decline in revenue per unit and total revenue will decline .

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an increase/ decrease in price doesn´t affect the total revenue, it remains unchanged. A loss in revenue from 1 unit will be made up by the gain in another. While the gain will be offset by the revenue loss associated with the accompanying decline in the amount demanded

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in an extreme situation, a price change results in no change whatsoever in the quantity demanded making the demand be perfectly inelastic

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https://www.youtube.com/watch?v=HHcblIxiAAk

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- demand in inelastic if a specific percentage change in price produces a smaller percentage change in quantity demanded
- if demand is inelastic, a decrease in price will reduce total revenue

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- demand is elastic if a specific percentage change in prices results in a larger percentage change in quantity demanded
- if demand is elastic, a decrease in price will increase total revenue

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the total amount the seller receivers from the sale of a product in a particular time period

It is the total income of a company and is calculated by multiplying the quantity of goods sold by the price of the goods.

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Ed= change in quantity/sum of quantities/2 divided by change in price/sum of prices/2

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It is the measurement of consumer´s sensitivity toward price change of a product.