Joe Franco Appreciate that! Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess It will help others find the videos.
This was soooo helpful, especially for someone like me who can pretty much do well at work and other classes but crumble at the sight of even basic economics graphs. -.- Thank you!!!
Please bear with me as my only background in Economics is my 1 first Lecture last week at Post Grad level and I'm a mature age student. I'm a little confused when you calculated Marginal Cost. You said "Change in TC($1000) divided by 200 divided by 100= $10. I don't understand that part of your explanation. For me it is easier to calculate Change in TC($7000-$6000=$1000) divided by change in output(200-100=100) That is $1000/100 = $10. Everything else is fantastic.
Very good question. Since I do not provide any cost information before 100 you can't calculate Marginal Cost before that. The first place you can calculate marginal cost is going from 100 to 200 units.
Good observation... I did revise and update all the theory of cost videos (they are much nicer and voiced over in a studio). I added a link to those video in this videos description.
I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time. I hope my videos have a long shelf life.
The hard part is not the screen recording it is the animations that I put together. Thanks for your suggestion tho and I will definitely check out Camtasia.
Yes you are correct you need both Fixed Cost and Variable Cost. Btw, are some of the other values elsewhere in the worksheet which forces you to work backwards?
Thanks for your feedback. That is useful for me to know. I did redo this video and you can see an entire playlist called, "Cost Theory" on my channel economicsfun.
thanks i really liked your video for reference, after i have studied this long time ago,i forgot the way its calculated, this is a very good video to remember not to learn the concept.
Help me understand where in the video you are referring to. The calculation for marginal cost is change in total cost divided by change in output which is (7,000 - 6,000)/(200-100) or 1,000/100 = 10.
I have created an entire new playlist on Cost Theory (and I hope I simplify the explanation a bit better). I included a link the playlist in the video. Please let me know if there are any specific topics in your economics you need help with or clarified too. This helps me understand what topics students are struggling with. Good luck with your grad program as well.
Those are really goofy to figure out because you have to work backwards. You can post Messages with attachments on MyBookSucks FaceBook page (see link in video description). If you post it perhaps I can look at it. Remember that AVC is Total Variable Cost divided quantity -- so quantity x AVC = Total Variable Cost. Marginal Cost is the change in Total Cost due to a 1 unit increase....so Total Cost of the last unit minus Marginal Cost gives you the previous total cost...
Thanks for the positive feedback, always great to hear. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
+Jithesh Chandra Great to hear. Make sure to tell your prof to use my videos and make their life easier. Hopefully you can like and share the videos so other students can find them.
Quick question. What program do you use to make these videos? Right now I'm just assuming you used any editing software and simply pinpointed the blue highlight to match your voice. I'm just looking for ways to do this more quickly
thanks for the explanation man.. btw to make videos takes you 84 hours? holy man. that is lots of time to dedicate too. Get Camtasia, it allows you to screen record and it will directly allow you to upload it to youtube. hope this helps. thank again.
In calculating in MC you mentioned it wrong. “200 divided by 100 is equal to 10$?” it should be 200 subtracted by 100. 200 divided by 100 is 2 so when you divided the 2 on 1000 it equal 500.
Great to hear. Make sure you like MyBookSucks on Facebook, this will help others find he educational videos (see link to FB page in video description).
Hello ! I have a question... for my worksheet paper they only gave me the output and the total cost and said to calculate the AVC, ATC and AFC... is that even possible since I don't have the FC and VC?
You may have Fixed Cost without knowing it. You say you have output and Total Cost. Do you have Total Cost where output is zero? Although in the example above output starts at 100, if your chart has a zero-output level, then you know what Total Cost is when you send all the variable units home . . . so that's Fixed Cost. Simply, if at Q=0 TC=$2357, then FC=$2357
Did i miss the explanation on how to calculate total cost? The title says how to calculate total cost but you started off saying it was givin, so I still don't know how to get it..
Well thank you very much! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the videos for reference and for learning it the very first time.
thanks sir but i want to explain the different between total cost and total factor cost and so total value product and total reveneu i hope to get the answer thanks
Good to hear...so what you are telling me is "MyBookSucks." Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
I'm having TP VC MC 40 1850 60 ; ; 65 ; ; 70 How in the f am I gonna find those 4 uknown numbers? TP is obviously 50, 60 but I need to *know the way* it's done, can't find much online
I learned more in 2 minutes than i did seating in class for an hour and a half. Thanks!
yass....
that’s because you weren’t paying attention 😕
You out of school now
@@lorenzorichards7093 shitty professors are a thing lol
@@trystangovender4580 yes, its all just a distant nightmare now 😮💨
"200/100, which is of course, $10" couldn't do a second take could ya?
Perfect, thanks man. Better teacher than my professor in less than 2 minutes!
Joe Franco Appreciate that! Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess
It will help others find the videos.
This was soooo helpful, especially for someone like me who can pretty much do well at work and other classes but crumble at the sight of even basic economics graphs. -.- Thank you!!!
14 years ago and still being watched now is crazy
Sitting at online classes but this explains everything... Thank you po
The only youtube video with marginal cost done on this excel format. Thank you thank you thank you!
Thanks for posting this! My textbook is so confusing and you made it so clear
Better explanation than my prof...many thanx
Appreciate the feedback. It is always great to hear my videos are helping students.
Please bear with me as my only background in Economics is my 1 first Lecture last week at Post Grad level and I'm a mature age student. I'm a little confused when you calculated Marginal Cost. You said "Change in TC($1000) divided by 200 divided by 100= $10. I don't understand that part of your explanation. For me it is easier to calculate Change in TC($7000-$6000=$1000) divided by change in output(200-100=100) That is $1000/100 = $10. Everything else is fantastic.
Thank you for providing such a video to clear the all doubt in the easy way without wasting of more time 🙂 🙂🙏🙏
Thank you sir. I've had a problem on that but I learned it all in 2 minutes and I thank you again. 😊
thanks a lot, I was absent for 2 days in online class, but this helped me catch up!
Very good question. Since I do not provide any cost information before 100 you can't calculate Marginal Cost before that. The first place you can calculate marginal cost is going from 100 to 200 units.
I also just learned with this video what I read two chapters on, and didn't fully understand it till I saw this video. THANKS!
+Alejandro Picker That is great to hear. Often when reading economics it is hard to understand.
Good observation... I did revise and update all the theory of cost videos (they are much nicer and voiced over in a studio). I added a link to those video in this videos description.
hundreds of videos and books altogether watched and read, and non of them explains how to get short run marginal cost.TY very much
I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time. I hope my videos have a long shelf life.
The hard part is not the screen recording it is the animations that I put together. Thanks for your suggestion tho and I will definitely check out Camtasia.
You helped me calculate Marginal Cost in two seconds :) Guys I got a Micro midterm tomorrow. T.T
"200 divided by 100... is of course 10" true story
Yeah he done messed my brain up. I was doubting myself for a second lmao
Yes you are correct you need both Fixed Cost and Variable Cost. Btw, are some of the other values elsewhere in the worksheet which forces you to work backwards?
Thank you man. This really helps me to finish my homework
1:18 "200 divided by 100 which is course 10."
He accidentally skipped saying a whole line LOL
This vid is amazing! Thank you for this contribution to society!
The only thing that helped me understand marginal cost
Thanks for your feedback. That is useful for me to know. I did redo this video and you can see an entire playlist called, "Cost Theory" on my channel economicsfun.
I really appreciate the video. It helped me on my homework.
this is video by far saved my assignment thank you so much
thanks i really liked your video for reference, after i have studied this long time ago,i forgot the way its calculated, this is a very good video to remember not to learn the concept.
Really greatly explained. Simply u make understand a large topic❤
Typically in economics variable cost is given. In practice you would have total cost and work backwards to calculate variable cost.
saved me a lot of time and so straight forward
you made my life much ez, thank you *thumbs up*
I thought they would have done it that way, to work backwards... But that was all the information they gave ! I'd see my lecturer about that :) thanks
how did you get the variable costs though/? my teacher gave me an empty column, and im struggling to calculate the variable costs.
Help me understand where in the video you are referring to. The calculation for marginal cost is change in total cost divided by change in output which is (7,000 - 6,000)/(200-100) or 1,000/100 = 10.
Thank you, I was struggling for the right answer. Thank you
thankx buddy..loved it... i was so much baffled before watching this video...
once again thank you...
I have created an entire new playlist on Cost Theory (and I hope I simplify the explanation a bit better). I included a link the playlist in the video.
Please let me know if there are any specific topics in your economics you need help with or clarified too. This helps me understand what topics students are struggling with.
Good luck with your grad program as well.
Thanks
Those are really goofy to figure out because you have to work backwards. You can post Messages with attachments on MyBookSucks FaceBook page (see link in video description). If you post it perhaps I can look at it. Remember that AVC is Total Variable Cost divided quantity -- so quantity x AVC = Total Variable Cost. Marginal Cost is the change in Total Cost due to a 1 unit increase....so Total Cost of the last unit minus Marginal Cost gives you the previous total cost...
thanx man u save my exam
thank so much!! this was so helpful
I really found this helpful thank you so much
💕💪🏾
Just 2mins and am ready to write my test
Thanks buddy you saved me with the mk
Thanks for the positive feedback, always great to hear.
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
I am not sure I understand your question because you ask, "how do you calculate ATC when given ATC, AVC, MC?"
That was AWESOME ,, huge of THANKS :) .. Finally I got it .. Thanks again
Quick and useful !!! thanks
How can I find a variable cost? Sometime in my homework they don't show the unit of variable cost. Please help!
Thnku so much making this vedio is very helpful to me 🙌🙌☺️🤗
Wonderful to hear!
U save lives
thanks a lots was really good better than my prof .
+Jithesh Chandra Great to hear. Make sure to tell your prof to use my videos and make their life easier. Hopefully you can like and share the videos so other students can find them.
Quick question. What program do you use to make these videos? Right now I'm just assuming you used any editing software and simply pinpointed the blue highlight to match your voice. I'm just looking for ways to do this more quickly
Thank you so much for this❤
thanks for the explanation man.. btw to make videos takes you 84 hours? holy man. that is lots of time to dedicate too. Get Camtasia, it allows you to screen record and it will directly allow you to upload it to youtube. hope this helps.
thank again.
dude! thank you so much! i learned a lot! just subscribed! :D
pls post a video on long run production theory where at least capital and labour are variable. thank you
In calculating in MC you mentioned it wrong. “200 divided by 100 is equal to 10$?” it should be 200 subtracted by 100. 200 divided by 100 is 2 so when you divided the 2 on 1000 it equal 500.
Thanks mate right to the point.
Thank you so much for this sir.
Great to hear. Make sure you like MyBookSucks on Facebook, this will help others find he educational videos (see link to FB page in video description).
Thank you to sloveing my doubt
he says 200/100 but it is 200-100. fucking confusing.
Thank you very much! Much appreciated
Hello ! I have a question... for my worksheet paper they only gave me the output and the total cost and said to calculate the AVC, ATC and AFC... is that even possible since I don't have the FC and VC?
You may have Fixed Cost without knowing it. You say you have output and Total Cost.
Do you have Total Cost where output is zero?
Although in the example above output starts at 100, if your chart has a zero-output level, then you know what Total Cost is when you send all the variable units home . . . so that's Fixed Cost.
Simply, if at Q=0 TC=$2357, then FC=$2357
Helpful vid! but you didn't show us how to calculate Total Cost... only the ATC
Thank you for your suggestion !
So there are two ways in which ATC can be calculated ? Correct me if im wrong please. These ways are
AFC+AVC
OR
TC/OUTPUT
Jagraj Bassi
It’s really good
but what if total cost is not given? only marginal cost already given? how to calculate then?
Did i miss the explanation on how to calculate total cost? The title says how to calculate total cost but you started off saying it was givin, so I still don't know how to get it..
+DowneyJrHumor Total cost is variable cost + fixed cost
O bro 😢 you are legend
Well thank you very much! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the videos for reference and for learning it the very first time.
thanks sir but i want to explain the different between total cost and total factor cost and so total value product and total reveneu i hope to get the answer thanks
I understand very well😉
Good to hear...so what you are telling me is "MyBookSucks." Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
Sooooooo helpful 😊
That really threw me off too. Should really fix that. I had to watch that 10 seconds 5 times to figure out that he was just saying the wrong thing.
I'm having TP VC MC
40 1850 60
; ; 65
; ; 70 How in the f am I gonna find those 4 uknown numbers? TP is obviously 50, 60 but I need to *know the way* it's done, can't find much online
Good video😊😊
Why is the first column ($10) for MC blank?
You saved me
Thank you so much!
I hope ma teacher would be like you
How do I calculate the variable cost?
I want to thank you so much
Thankyou sir
thanks mate.
Hi, How can I find the rest of the column if I am only given Marginal Cost and Average Variable Cost? Thank you
Thank youuuuuuu🫂🫂🫂🫂 in 2 min you solved my the problem that I had for months
how to Draw thier Graph plzz guide soon
thank you
Considering I am only left with the Last Row (Bottom).
In my problem. This does not work for Marginal cost. I know because my professor marked me wrong for it...
this is good