production theory: cost-minimizing input choice (optimal input mix)
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- Опубліковано 10 лют 2025
- This videos describes how to produce a given level of output by choosing the cost-minimizing quantities of labor and capital inputs.
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Bless you, sir. My teacher has many qualities, but the ability to speak clear and understandable English is not one of them and I had no idea how to do this. Many thanks!
Mate, you have done better than any of lecturers, teachers or textbooks could do at explaining this
This makes a million times more sense than lecture, thank you!!
you are awesome!!! What you are explaining is really nice and clear, its better than all my profs can explain, just love it! Keep on going with the video! I am a loyal fan
Dude, I love you!! i looked through soooooo many videos on youtube for this! you nailed it, so simple!
you really help me, sir.. you explain it better than my lecturers.. thank you very much, sir.. God bless you abundantly.. please keep making video about microeconomics and macroeconomics.. love you.
Sir' you are the real mvp
God Bless you!
Thank you! It's exactly the same what I have to know for my exam! :)
helpful, simply great
thank you so much!!!! incredible video, really helped!!
Nice Presentation. Post more and more.................
Thank you!! Extremely helpful
thank you so much, i finally understand this
Saved my life thank you
Best channel on yt
really good...understood it in one go!
Thank you so much. Its helpful for me
incredible teacher !!! thanks
thanks a lot for an amazing explanation
fantastic vid thx!!
(a) From the production function, you can calculate that A = 1 in both 2000 and 2010, so A is unchanged.
(b) Since output doubles (relative to the case in which Y = 399 in 2010) with the same amounts of capital and labor, A doubled.
Suppose the production function is Y = A . Suppose in 2000, K = 1000, N = 100, and Y = 199.5. In 2010, capital, labor, and output have doubled, so K = 2000, N = 200, and Y = 399.
(a) By what percentage did productivity grow from 2000 to 2010?
(b) If output had risen to 798 instead of 399, and capital and labor doubled, by what percentage would productivity have grown from 2000 to 2010?
you are awesome thank you so much
Very good sir
thank you so much!!! i get it now
Thank you !
Thank you so much!
holy shit, I love you.
Thank u so much sir.. understood it very well...but the problem is i am unable to solve a question of the same model from my book!!
what happened, if we suppose we are in the short run and capital stock is fixed and cannot be changed ?
awsome just a little bit problem was where you were explaining the l^-0.25 . that was a wrong one, look at it again
thank you!
the MP with respect to K, is it not suppose to be L^0.75 and 0.25K^-0.75 ? am i missing something ?
Yes that is true but It doesn't matter where you put the .25. He just put it at the front of the expression.
thank you
Can you help me my lecturer tells me that to minimize cost after plugging into production function, solve for x1 and x2 and then plug in the Total cost function the values of x1* and x2* (TC=w1x1 + w2x2)
What if I'm given L but trying to find output?
Super
In my book it says that r = the interest rate... is this just incorrect or what is happened here
r can be anything. An interest rate is usually represented by r, that does not mean r is always an interest rate. Treat r like any letter with some representation we give to it. As in we say, Let x is for age, let y is for income, let r is revenue etc. Hope you understand.
Is this with a fixed input or not?
This problem assumes that all inputs can be varied (i.e., none of the inputs are fixed, including capital), so the firm is able to choose any desired level of L and K. Here's an example of a problem with a fixed input: ua-cam.com/video/-F9Q2lhNow4/v-deo.html
Thank you , i'm still new to this.
Bad choice of example production function. Should've used a linear production function instead to simplify things.
ua-cam.com/video/jqgq-lbM3KQ/v-deo.html
On be have all Econ students, professor STOP using easy problems. THEY DO NOT HELP! My professor us this some type of problem were equaled 100 was capital and labor.