Відео

Yes! Thank you for the beautiful comment! I have some previous videos that might help: Short-Run Cost curves: ua-cam.com/video/OSaLDDQk0OE/v-deo.html Profit Maximisation: ua-cam.com/video/b9_Pp87ULqM/v-deo.html Monopoly Equilibrium: ua-cam.com/video/QlTl7TVUusE/v-deo.html On Consumer Surplus: ua-cam.com/video/mc8vri4_A4M/v-deo.html On Producer Surplus: ua-cam.com/video/CvMm5-LQNAk/v-deo.html I'm finishing one now on infinite Prisoner's Dilemma, then I might think of one about general equilibrium to put up. I hope that your study is going well!!

Good luck with your studies! 😊 Thanks for the comment!!

oh wow, good to know thanks so much!!

You are so welcome! I'm so glad, thank you so much for the lovely comment!

Thank you so much for the lovely comment, it really made my day! ❤️❤️❤️

Yes, you can use a decimal place! It will be 0.666666 (2/3=0.6666) and 0.333333 (1/3=0.3333) if that makes sense? Sorry about the late reply, hope you got it cleared up in time.

@econhelp_official it's fine, no problem, I've done well in the exam thanks to you

Yes it won’t work, this stuff is only for perfect competition. Monopoly outcome is to set Mr=mc to find optimal quantity and then sub in that optimal quantity to demand to find price: ua-cam.com/video/DrfzYAItDLs/v-deo.html

I think this might help: In the short run, fixed costs are sunk - we've already paid them (they cannot be recovered), and so we have to work within the limits of those sunk costs. In the long-run we can choose everything to be whatever we want - (in this sense all costs are variable), but their still might be costs that we incur which are independent of how much we produce. So in our equations, they come up as being constant (not attached to Q). Does that help?

@ yes that helps, thank you. So in what scenario or question would we use the knowledge of the fact that fixed costs are variable in the long run. Because I remember in a video you rewrote the equations PROFIT=TR-TC to PROFIT=P.Q-(ATC.Q) to PROFIT=Q(P-ATC) when would we use this equation. That’s why I was confused because I expected to always use that equation in the long run questions

@@jamiegray7822 Yes that's okay, you can always use that formula in the short and long run. That's a good formula for profit because it sees profit as the difference between price and average cost, multiplied by quantity. The question of the significance of the fixed costs as sunk (in the short run) is important when we consider the firm's short run shutdown rule v. the exit entry rule in the long run. I have a video on that here ua-cam.com/video/kBy73V7ThVw/v-deo.html. It is confusing, and I'm sorry if I've mislead you with using confusing words. For this reason, I much prefer just to say fixed costs are sunk in the short run and not sunk in the long run, rather than using fixed/variable language for this aspect of the theory (even though text books do this), because I think it's confusing. For really, there are two things we could mean when we talk about "variable" - 1, as being dependent on Q (so the costs vary as Q varies) - these are our 'variable costs =VC,' where TC=FC + VC, and 2. Being able to be changed, i.e. not sunk, like our capital in the long run. Does that help?

Hello, apologies this video is not clear on this point. The intention was to show students what to do when asked to build a sequential interaction from a simultaneous move game to show how we can tell if there is a first mover advantage. I find these sorts of questions are common in first year courses. But the normal/extensive, sequential/simultaneous, perfect information/imperfect information distinctions is more complex than this, so I'm afraid the video might be misleading. The video has been popular, but now that I think about it, it may been getting more attention from students that need that more complex story (I have a dislike on the video, which is a red flag). So I probably need to take the video down... because I don't want to be confusing.... And I probably need to think about a series of videos that go through this material properly. In any case, information sets tell us essentially about the ignorance of players (we usually use a dotted line). So when there is a dotted line between nodes, this is an information set, that tells us that the player who's node(s) are attached to the dotted line has ignorance about which node they are on. So, for instance, if there was a dotted line between builder 2's decision nodes, builder 2 would know builder 1 has moved, but they don't know which node they are on (i.e. they don't know if builder 1 chose small or large). If their was a dotted line like this, it's essentially exactly the same game as the normal form, because in normal form our players do not view each other's actions, so they are ignorant in exactly this manner. So the video proabably needs a whole lot of qualifications that I just didn't include! So sorry, and I hope this comment helped!

@@econhelp_official Heyy thank you soo much for clearing my doubt! All the videos in this series are extremely helpful :)) Also, this video as a starting point really helps! so it's upto you if you want to take it down or not. But otherwise, this is good don't worry! Ofc, would appreciate you starting an entire series on it too😄 No harm done otherwise, and likes and dislikes are a part and parcel of youtube! Another question, we would find the subgame perfect equilibrium in the same way as the video right?.. if the extensive form does contain an information set

@@tejasvi9325 You're so nice! It's really cool making these videos that I make, there is just so much to do, and so many levels of difficulty to focus on; hopefully one day I will be able to dedicate more time to it all. There is just so much to economics. I recently saw a student who's course was solely about property rights (micro, post grad), and it looked like an excellent course, there is so much just on this one little topic... If I had time I could do thousands of videos I think... and absolutely a playlist on SPE and imperfect information would be so cool. But... anyway back to topic... I should qualify... technically information sets can just be one node (call it a singleton), and so... I think what you want to know, is if the game has incomplete information, (if we have information set with the dotted lines), how do we find SPE? This is difficult. In my favourite text book (A primer in Game Theory - Robert Gibbons) he suggests two ways of dealing with it, you might want to look this up. But, probably more easily, I also found this guy ua-cam.com/video/fizw3StKOJo/v-deo.html, who goes through one way, and it seems like a good video.

You're welcome! Thank you for the lovely comment!

That's so nice of you to say! Thankyou and good luck with your study!

I'm so glad it was helpful! Thankyou for the lovely comment, I hope that your study goes well!

That's so lovely of you to say! Thank you so much and I hope that you do well in your studies. Hopefully I can get more videos up soon :)

I'm so glad you found it helpful!! ❤️ Thank you so much for comment good luck with your study xx

Thankyou so much for the lovely comment! Made my day!

That's such a nice comment thank you! Thank you for the requests too! It usually takes me a while to get videos done, and I'll definitely put these on my list, but I could do... like... an example of a repeated prisoner's dilemma with punishment fairly quickly? With the request though, I want to check, what do you mean by cooperative level core of games? I've never heard of this, it sounds interesting. If it's too much to explain as a reply here, you can e-mail me at econmathhelp@gmail.com with an example question or something else to illustrate. Anyway thanks again for the lovely comment I'm so glad you found the videos useful!

Aw shucks thanks!! xx Good luck with your study!! xxx

That is a very good question r.e. what happens if the price changes between years. Let me research/think for a day and I'll get back to you.

Okay, I couldn't get a good answer from any of my text books but I'm pretty sure the following is right: If the price of books changes to $10 in 2022 (and is sold in 2022), the sale is still associated with two entries: +$10 in Consumption, -$10 in Investment. So the sale cancels out. The book thus doesn't alter (or included in) the 2022 GDP figures, and is appropriately recorded in 2021. So there is no requirement for inventories to balance to 0 or anything like that. The reason why I think this is that, the point is that GDP is about recording production in the year in question: so $9 in 2021 (measured in 2021 prices, if you want to get technical). What happens later must cancel out, because the production happens in 2021. Does that help?

Nope, because it’s not a Cobb Douglas production function, and that trick only works with Cobb Douglas. The trick can lead you astray. lmk if that helps 😎📚

Wow thank you! I really appreciated this comment, I worked so hard on this video but it's one of my least popular videos! Oh Well! Such is life! ❤️ 😹

Aw that's so nice to hear, good luck with your studies! Thanks for the comment 😊😊

You are great too! 😊 Thanks for the comment!

Sorry about that!

@@econhelp_official I know it's probably not your fault and just the quality of the mic being very high but if you can do something about it, like decreasing the sensitivity it would really help

I wanted to demonstrate the meaning of the slope: that an increase in 1 unit of soap, decreases number of books by 2 (slope -2). Does that help?

@@econhelp_official got it, so I could do the same thing if, for example, in your same exercise, X falls to $2.00 but using the indifference curves: the substitution and income effects if X is inferior but not a Giffen good

I apologise, I think maybe there is some confusion. The budget constraint tells us about what bundles of soap/books the consumer can afford, given the prices of the goods and our income. If we increase soap by 1 ($10), we have to decrease our books by 2 (they are $5 each) in order to purchase that additional soap. We can't consume outside our budget constraint. This is only one half of the 'consumer choice' story. What the consumer actually chooses depends on the indifference curves (I introduce them here ua-cam.com/video/3F3aomnhuho/v-deo.html).

@@econhelp_official oooooh okay I get it know, i was so confuse beacuse of my professor

Thank you for the comment!! Good luck with your studies 😊😊