What I am realizing is how important a good teacher is. I had a full semester of microeconomics and didn´t even care, and was a little afraid of doing the final exam because in my mind the class was a bit confusing. After a couple classes here, I am finding so much easier to learn. I don´t have my teacher notes or my notes from school, and I am doing the exercises even easier than during the semester with notes.
Thank so much Prof and MIT for this lectures on Microeconomics.The prof simplifies the concepts and I am able to understand easily and faster.Keep it up MIT.
When I took Microeconomics at Lipscomb University back in the Fall 2019 Semester, my professor didn't really go into the deep mathematical field of the subject like this professor does. But that's alright. I still learned a lot in the class. And the professor in this lecture video is one wise man. I might watch all of his videos to get his input on Microeconomics.
Thank you teacher for this great class. It is very ironic that OPEC back then was crumbling like a cartel. After the pandemic they managed to be a poster again. It would be very interesting to see case studies of many companies or the different types of market how they were bought or changed after the pandemic.
The MIT guy teaches conspiracies are very real... Now the news has people believing they are a lie... If people believe lies, they follow dumb ideas like not harvesting oil domestically and enslaving ourselves deliberately to OPEC.
Good lecture. I laugh when people say conspiracy witnesses are crazy. They say,"We live in an age of misinformation and conspiracy theorists are crazy." Really? We live in an age of lies where no one lies. That's Crazy! They teach conspiracies not just econ, criminology (a thief and partner are legally co conspirators) psychology, sociology, etc etc etc. People are just dumb. Thanks for being an educator.
But coke will get 3+3+3+3+13=25 and Pepsi doesn’t want that, so they are on a lookout and this will eventually lead them to doing the advertisements in the first year.
@@prithvidev7426 I mean when it comes to a repeated game with an end, the pepsi just give up the profit maximization of the last year exchanging for the high-level profit of the former years. And yes coke will earn more than pepsi, but pepsi can earn more than they both advertise for the whole run.
Can price discrimination be applied in other market structures, such as monopolistic competition ? I ask because we only study price discrimination at Monopolies, but I'm sure in aviation, for instance, price discrimination is applied and aviation is a monopolistic competition market.
I think price discrimination in monopolistic markets can be done through product differentiation, if you have a product that has an edge over the others, you gain more market power and discriminate.
This garbage that he is teaching will cloud the real meaning or understanding of what people or students need to learn about market structure in terms of competition. For example, his talking of the equilibrium or John Nash's equilibrium concept is based on such a false phenomenon or norm in reality that many like us disqualify it for any further discussion. US, UK, Australia, Canada and a few more formed a group like a few oligopolistic group to exert their influence for their best interests in many fronts.They can be called as a cartel for their political and financial ends. Likewise, OPEC was formed not only to protect their common core interests but also to keep the production stability and production adjustments in response to the world demand. However, the OPEC sometimes run with their political goals to achieve like the US, UK and the other operate. You will see no truth of what this guy is babbling on about equilibrium and you will never need any of that garbage, when you will be on the ground, in other words, when you will actually be working in the field. The US being a monopoly of US currency trading never had or will have to deal with what he is teaching you in this class. Economy is not a science, rather is viewed as a dismal science; the garbage he taught you here will never come into use for actual market phenomenon. All their economic theories are so dismal that lend themselves to being used for no equity based wealth distribution.
He never said that this perfectly represents the real market and, this is just to teach people the basics and fundamentals. No one is forcing you to watch this vid. So shut up and go away or
Enlighten me please on why you think that concepts that are thought in a fundamental classes aren’t 100% what is happing in the real world. This is a normative approach to economics. Not a hands on economics class about real world positive economics. So tell me…
There is a beautiful way in which the market solves the prisoner's dilemma, ever heard the expression "Snitches get stitches"? That's the market solving this dilemma and making sure that the prisoners have a reason to cooperate with greater advantages to keep their mouth shut than to snitch. The free market delivers once again.
thank you very very much for uploading the original lecturing video because of included the questions asked by the students. That helped me a lot to think in different ways.
What I am realizing is how important a good teacher is. I had a full semester of microeconomics and didn´t even care, and was a little afraid of doing the final exam because in my mind the class was a bit confusing. After a couple classes here, I am finding so much easier to learn. I don´t have my teacher notes or my notes from school, and I am doing the exercises even easier than during the semester with notes.
One of the best lectures I've ever seen. The fact that it breaks down the theory with examples is so helpful.
Thank so much Prof and MIT for this lectures on Microeconomics.The prof simplifies the concepts and I am able to understand easily and faster.Keep it up MIT.
He is such a great professor. Thanks for the OCW program
When I took Microeconomics at Lipscomb University back in the Fall 2019 Semester, my professor didn't really go into the deep mathematical field of the subject like this professor does. But that's alright. I still learned a lot in the class. And the professor in this lecture video is one wise man. I might watch all of his videos to get his input on Microeconomics.
If only mit starts putting out recitation videos. We ll all be happy
Excellent work MIT
Learning alot thank you MIT
Pleasure to listen to... A true master
Omg, thank you! I self studying AP micro and this is so helpful
Thank you teacher for this great class. It is very ironic that OPEC back then was crumbling like a cartel. After the pandemic they managed to be a poster again. It would be very interesting to see case studies of many companies or the different types of market how they were bought or changed after the pandemic.
The MIT guy teaches conspiracies are very real... Now the news has people believing they are a lie... If people believe lies, they follow dumb ideas like not harvesting oil domestically and enslaving ourselves deliberately to OPEC.
Kropotkin's Mutual Aid predates Nash's work by half a century, so it's hardly correct to say Nash figured out cooperation first.
Good lecture.
I laugh when people say conspiracy witnesses are crazy.
They say,"We live in an age of misinformation and conspiracy theorists are crazy."
Really? We live in an age of lies where no one lies. That's Crazy!
They teach conspiracies not just econ, criminology (a thief and partner are legally co conspirators) psychology, sociology, etc etc etc.
People are just dumb. Thanks for being an educator.
I watched this video before my lectures note. It's much better. Thanks Prof!
Thankyou so much MIT for this amazing lecture
So after watching each video how should you practice and which assignments correspond to which lecture
Thank you
can someone explain why the equilibrium is 64 in the mathematical equation?
But hey, that's just a theory, a GAME THEORY! Thanks for watching.
Thanks
Thanks for the video
I used to struggle to understand these concepts.. Now i know i can teach these concepts better than him for sure
What if the products are not homogeneous?
I liked everything except the part when he said that Pepsi should be illegal
they said it's "high quality education for free" it indeed is 😊
this guy should be the president
*prime minister
ie. The Governments
Liberal arts education here, but I find this fascinating later in life
what if pepsi just give up the last year, so it will get more in total, like, 8+8+8+8+(-2)=22 is greater than 3+3+3+3+3=15.
But coke will get 3+3+3+3+13=25 and Pepsi doesn’t want that, so they are on a lookout and this will eventually lead them to doing the advertisements in the first year.
@@prithvidev7426 I mean when it comes to a repeated game with an end, the pepsi just give up the profit maximization of the last year exchanging for the high-level profit of the former years. And yes coke will earn more than pepsi, but pepsi can earn more than they both advertise for the whole run.
Can price discrimination be applied in other market structures, such as monopolistic competition ? I ask because we only study price discrimination at Monopolies, but I'm sure in aviation, for instance, price discrimination is applied and aviation is a monopolistic competition market.
I think price discrimination in monopolistic markets can be done through product differentiation, if you have a product that has an edge over the others, you gain more market power and discriminate.
To Varun -Indian dude, Appetite????? Ha ha ha - speaking English or Indiafish.
Nash's Principal is so funny. It does seem that everything in the US is a race to the bottom
1:52 COVIIIIIIID
😅
This way of teaching is not gonna work in india.
Land samajh aaya
This garbage that he is teaching will cloud the real meaning or understanding of what people or students need to learn about market structure in terms of competition. For example, his talking of the equilibrium or John Nash's equilibrium concept is based on such a false phenomenon or norm in reality that many like us disqualify it for any further discussion. US, UK, Australia, Canada and a few more formed a group like a few oligopolistic group to exert their influence for their best interests in many fronts.They can be called as a cartel for their political and financial ends. Likewise, OPEC was formed not only to protect their common core interests but also to keep the production stability and production adjustments in response to the world demand. However, the OPEC sometimes run with their political goals to achieve like the US, UK and the other operate. You will see no truth of what this guy is babbling on about equilibrium and you will never need any of that garbage, when you will be on the ground, in other words, when you will actually be working in the field.
The US being a monopoly of US currency trading never had or will have to deal with what he is teaching you in this class. Economy is not a science, rather is viewed as a dismal science; the garbage he taught you here will never come into use for actual market phenomenon. All their economic theories are so dismal that lend themselves to being used for no equity based wealth distribution.
He never said that this perfectly represents the real market and, this is just to teach people the basics and fundamentals. No one is forcing you to watch this vid. So shut up and go away or
And who is “us” give me a reputable source that discredits nash equilibrium?
And of course you don’t respond. 💀
Enlighten me please on why you think that concepts that are thought in a fundamental classes aren’t 100% what is happing in the real world. This is a normative approach to economics. Not a hands on economics class about real world positive economics. So tell me…
There is a beautiful way in which the market solves the prisoner's dilemma, ever heard the expression "Snitches get stitches"? That's the market solving this dilemma and making sure that the prisoners have a reason to cooperate with greater advantages to keep their mouth shut than to snitch. The free market delivers once again.
thank you very very much for uploading the original lecturing video because of included the questions asked by the students. That helped me a lot to think in different ways.
It is definitely very helpful, thank you very much for everything.
Very fast... lesson.could you please slow you explain
that's what MIT is... try 0.75 speed in video settings