Deriving the Short-Run Supply Curve
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- Опубліковано 5 жов 2024
- This video shows how to calculate the short-run relationship between price and quantity supplied for an individual firm or from a market of firms.
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By Jodi Beggs - Economists Do It With Models
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You know sometimes I wonder if we even need college anymore, like we could just buy the books and watch youtube videos on things we don't understand.
We actually wouldn't do it though hahaha
i never use any of my books. i understand what youre saying because its like i learn 20% at school and 80% at home off youtube videos.
@@louaishalabi770 Some great entrepreneur is going to shake things up big time in the next ten years
@@louaishalabi770I can't more agree less I bet we should just open youtube online school...lol
you described khan academy
I was stuck with this and no one explained it in this way! May God bless you!
thanks for these videos! i'm currently doing my MBA and currently studying the economics module and struggling a bit .. so cheers with these videos! very educational!
Thanks mam
U cleared the concept in minutes
U r one of the best economics teacher in this platform
You killed it! better than my professor! I hope you have videos for other markets , monopoly, oligopoly..etc
I absolutely love your curves ;) Thanks this helped me through my homework and I had no problem paying attention either!
Thank you jodiecongirl it's really helpful for my student in microeconomics
Thanks for showing us the light with all your vids.
@BradyDale I always had a light! What I didn't have was a decent camera with manual exposure adjustment. :)
U r brilliant. P.s = your way of telling you'll do better next time is just awesome. Keep up the good work. :)
super clear explained. cant imagine how to do it better. thanks.
You should tutor this stuff if you don't already. Very informative, super helpful for my finals!
She is teaching econ, but her actual job is selling whiteboards and markers. :|
Hi Jodie, love the explanation. But there is something that has been bugging me about the derivation of the supply curve. Why would a firm at minimum produce above the AVC? Shouldn't it produce at minimum above the ATC? i don't see how any sensible firm would only think of their variable cost.
Thanks, this helped me really get the concept!
It led me into some other confusion though. At first I thought you were doing the piecewise part of the function wrong, since it violates the vertical line test, but I realized that it's correct, since quantity produced is a function of price and not vice-versa - so at any given price below p_1*, the quantity produced will be 0. That makes sense, but it made me think that maybe the canonical choice of axes for these variables should have been reversed, since price is the independent variable here, and quantity the dependent one.
However, if that were done, then the cost curves such as AVC would violate the vertical line test. But I suppose that for AVC et al, the roles are reversed - price depends on quantity produced; in other words, price is the dependent variable and quantity is the independent variable.
Maybe I am overthinking this. 😕
@Zac Lim: think about the fact that between ATC and AVC is AFC. Thus, operating with the price between those two curves will cover some of the fixed cost which is better than shutting down (if you shut down you will suffer the whole fixed cost). Make sense?
Thank you for the video, I've been struggling to understand !! :D
Very informative, super helpful for my finals! You should tutor this stuff, if you don't already :D
Thanks! Made it very simple to understand.
i request you show it graphically how to derive market supply curve when firms face different cost curves, thanks. I face such problem in the book i have. so please, do this favor
Hi teacher. Is this only applied to a competitive firm, not a monopoly? thank you so much.
As long as it gets me motivated to move on to the next lesson, sure.
What are the assumptions used in deriving the supply curve
@jodiecongirl Ooooh... well, the videos are looking better, so either way!
great help, thanks
Thank you so much.
you are a genius
Why does Marginal cost equal supply? I don't understand. Thanks for any reply! :)
P=AR=MR for competitive firms.
Firm will maximize profit at MR =MC
Although the video is great, what you said is all I needed to understand. Thank you!!!!
@@edwinbuddy nice
You bought a light! You bought a light! Way to go!
thankyou helped a lot !!!
Thank you!
This is only true for a perfectly competitive market right?
Excelent. Thanks!
great!!
Thank a lot for your help! :)
guys is this a perfect competition market
the concepts of the supply curve being a part of the MC applies to both perfect and imperfect firms
super!
i was studying for my exam and i chose to watch your video so i can learn some new stuff. But i could not concentrate cause it was so hard to focus because your accent and smartness distracted me the whole time.
smartness
Notice how the MC has a negative slope.
watching this 10 years later in 2021
nice
Me reading over the text 5 times for 30minutes and still being confused with this two graphs
Me watching this video: 10 minutes later... ohhhhh this is what that gibberish was about
As helpful with visuals as this is, if you are going to state you are serving something you should probably show the math behind it
the best
kinda too slow and i lose focus take tips from ACDC
9 yrs old this video...what is the oldest video on youtube?
Too distracting :/
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the teacher Is hot 🔥
This is why I cannot stand microeconomics. The entire course consists of drawing graphs. Would calculus applications not make economic theory more useful? I'm sorry but I feel like this is why economics departments attract all of the lazy students...because professors are hesitant to use advanced math.
+Grant Edwards Economics does use calculus, more so in advanced classes. And, just because you maybe don't understand the material, you shouldn't insult those who choose to take it or choose to major in it. Economics is not meant for anyone who is "lazy." It requires a lot of hard work and effort, and as you delve farther into economics, the harder it becomes.
Sincerely,
A biology and economics major.
Julia Jean Thanks for your input. It just seems that economics professors shy away from using advanced math because business majors are usually not as strong in mathematics when compared to students in other departments, unless top-tier economics programs are taken into consideration. All of the material in this video could have easily been expressed in formal mathematics notation instead of the primary use of graphs.
Sincerely,
BA Economics, BS Mathematics, MA Financial Engineering
Grant has a point. I'm in engineering and taking Econ and I can see what he's saying. Sometimes though, it's better to express things in this "nice" way instead of formal math.
Hey so just an idea here; I think it would be great to get actual bikini models to give the lesson! I can see myself being much more attentive.
along with showing more emotion, why doesn't she just fix your a drink while she teaches you economics?
hahaha just move out of the way next time please ...good work thanx a lot i owe you big
Not sure I can drink the micro economics koolaid any more. If one firm has a upward sloping MC curve and you derive its supply curve from the Marginal curve. And is if you take two firms and combine them to show that they can both produce that same marginal cost curve, but have double the output. Then you just proved that one firm that buys two firms can then have half the marginal cost curve. Which then implies that all this is bull shit. LOL.
Any one else just click on this to see her face the board? Economics doesn't seem so bad now.
You're so adorable! You shouldn't act so stiff and professional. Joke around, show more emotion and your lessons would be perfect!
Marry me!
Maybe get rid of the overtly crass and gross intro branding/watermark.. Are these videos aimed at 15y/o boys?
It took a whole of 1.5-2 seconds. I don't like Economics (quantum chemistry major), and I still found it funny. And I'm a 27 year old boy. But maybe we just have different senses of humour.
nice