@@jamlessjimin1552 currently preparing for a midterm and I attend a top 3 MBA program in the US, and have learned a lot from this video in 10 minutes and will definitely help with my preparation.
Don't compare because your professor gave you an introduction to the topic and now this lecture here is complementing the knowledge you gained from the professor.
These videos taught by this man are amazing, clear and simply taught. I find my economics book which I use for class extremely complex (and scary). I have avoided economics my entire life but I need to learn it in order to obtain my Master's degree (Public and International Affairs). The videos on this channel are saving me from failing my Intro to Microeconomics class.
This is better than my microecon book, done in ten minutes that most teachers spend a whole lecture on. UA-cam (or some other service) should become an open forum for professors to compete. This video for instance becomes the gold standard for indifference curves. The next teacher is free to try and beat this, ranked by voting and judging. Eventually we'll have a full video suite on microeconomics better than any college. For free. This could work for many subjects.
This video was great. I've been struggling along with my textbook trying to get an understanding of indifference curves all afternoon. You just explained it in less than 10 minutes. Thanks!
awesome!! My brain was fried last night and today I woke up with a positive attitude...and looking at this video i'm so happy to say this helped!!! please keep it up!!! awesome!!!!v
No idea what my professor was tring to say about indifference curves and budget constraints. Your video cleared it up...thanks. BTW I have been watching your videos for a couple of years. Very helpful.
I'm graduation from UA-cam University. i don't have a fancy degree to prove that I memorised shit I don't understand, but I actually have the priceless knowledge and understanding of practical things.... All for free. Thank you
You are a god send. You helped me loads through A Level Economics and now you are helping me through my degree. Thanks and continue making great videos.
Yes sir, you have done a tremendous excellent job by elaborating this topic. Which took me one week to try to figure out what the heck was going on! Thank you so much for making life soooooo much easier! Many thanks!!!
I have no idea how you explane everything in 10 minutes and my lecturer needs hours to explain. plus, I understand everything here and nothing in the university! thanx a lot!
Man, you're amazing. Come teach at my university. Actually understand the idea of indifference after watching this. Thanks a lot, keep making videos mate!
@MrKingJumbo thanks for getting in touch- as the consumer has more to spend (and their budget line shifts outwards) they choose to use a greater proportion of their extra income on cars. Cars mus have greater income elasticity of demand in my example... pajholden 1 sec ago
this is really useful, i've passed my microeconomics 1 exam without knowing this(with bad score but still) and now that i learn the second part, finally I got exact knowledge what the hell the indifference curve is...
Phil, You make economics sound so easy and understandable!! The moment I hear about a new topic in class, I start hoping you have a youtube video uploaded out thr!! Thx a ton!! :)
this guy does a better job at explaining this concept than the elitist twats at the so called "one of the best universities in the world i go to". well done,excellent clear and concise explanation.
@okam101 Hi Okam, you are right. Indifference curves could be linear if perfect subsitutes are involved. For that, the marginal rate of subsitution is constant throughout. Optimal utility could be achieved by solving for corner solution.
So one would assume that the budget line (BL) intersects the indifference curve (IC) only at one point, the point of tangent, and if we equate the first differential of the IC with the slope of BL we will get the points at which they intersect?
when you get an increase of the budget, this cuts the indifference curves in a higher combinations of food and cars,,, but the utility decreases the more you buy any of those items, How does it affect the indifference curves?
Thanks a lot. That really helped me but I have one question: Why isn't the path of the way the spending changes linear? You give the example of it bending towards the "cars" and I don't get that.
the reason why the indifference curve is not positive slopped is "indifference curve" which means, all the complex of consume of X and Y (X,Y) in an indifference curve shows The SAME happiness, or Utility.if an Utility function is U=xy, and given utility is 10, we can set the utility function like this: 10=xy. it means, the consume complex, for example, (1,10),(2,5),(5,2),(10,1) give the same utility 10.so consider when a man consume x more than "additional" 1 to 2,from 1.
the complex of consume (1,10) changes to (2,10) but new complex (2,10) is out of first indifference curve.that means (2,10) is more utility than 10 ,which i took as an example.(10=xy) for setting my consume complex to same utilty 10, he should GIVE UP "adiitional "Y ,until y becomes 5.(y:10->5).so we can find that positive change of x(Δx>0) and negative change of y(Δy
I have learned more from this man in one video than I have from my econ professor all semester.
me too !!!
Linds true m8
@@jamlessjimin1552 currently preparing for a midterm and I attend a top 3 MBA program in the US, and have learned a lot from this video in 10 minutes and will definitely help with my preparation.
Same mate!
Don't compare because your professor gave you an introduction to the topic and now this lecture here is complementing the knowledge you gained from the professor.
I find Economics much more interesting taught in a British accent.
This Guy deserves a medal..
These videos taught by this man are amazing, clear and simply taught. I find my economics book which I use for class extremely complex (and scary). I have avoided economics my entire life but I need to learn it in order to obtain my Master's degree (Public and International Affairs). The videos on this channel are saving me from failing my Intro to Microeconomics class.
Finally, I found something literally useful to understand indeference curve , Thank you sir!
This is better than my microecon book, done in ten minutes that most teachers spend a whole lecture on.
UA-cam (or some other service) should become an open forum for professors to compete. This video for instance becomes the gold standard for indifference curves. The next teacher is free to try and beat this, ranked by voting and judging. Eventually we'll have a full video suite on microeconomics better than any college. For free.
This could work for many subjects.
wow, it's like making a three-page discussion in a book into 10 minutes but with the same content. thanks for making our lives easier.
You can tell how passionate he is by the way he beats up the chalkboard! I dont recall my professors ever doing that, Paj, your the best!
This video was great. I've been struggling along with my textbook trying to get an understanding of indifference curves all afternoon. You just explained it in less than 10 minutes. Thanks!
Economy was one of the subjects that made me sleep all the time. You've just changed that. Great video. Thanks.
awesome!! My brain was fried last night and today I woke up with a positive attitude...and looking at this video i'm so happy to say this helped!!! please keep it up!!! awesome!!!!v
Good lord, how beautiful these curves are once you get a hang of them. This helped immensely.
No idea what my professor was tring to say about indifference curves and budget constraints. Your video cleared it up...thanks. BTW I have been watching your videos for a couple of years. Very helpful.
I'm graduation from UA-cam University. i don't have a fancy degree to prove that I memorised shit I don't understand, but I actually have the priceless knowledge and understanding of practical things.... All for free. Thank you
Point to point explanation. Live long Professor
you are an excellent human being
Give this man a medal, he explained in 10 minutes what my professor explained in an hour.
Im doing a degree correspondence, so lectures like this are invaluable. You are the best economics lecturer on UA-cam :D
don't have words to express my gratitude for the prof.Great job sir. carry on with the noble job. Everything crystal clear and understood.
You are a god send. You helped me loads through A Level Economics and now you are helping me through my degree. Thanks and continue making great videos.
I learnt more in this 9minutes than I did in my 1HOUR lecture! big big thanks!
thank you so much! unbelievable how a 10 minute video is more useful than a whole chapter in a book!
Excellent class I understand everything about ppc
Yes sir, you have done a tremendous excellent job by elaborating this topic. Which took me one week to try to figure out what the heck was going on! Thank you so much for making life soooooo much easier! Many thanks!!!
I just wondered why did you stop uploading videos, you are so GREAT!!!!
I have no idea how you explane everything in 10 minutes and my lecturer needs hours to explain. plus, I understand everything here and nothing in the university!
thanx a lot!
Some more props van Amsterdam. Have an exam next week on micro economics. This vids really are really helping me to comprehend issues better.
Clear as water.The best explanation I've found on the subject. Thank you so much.
Very helpful, particularly your explanation of why indifference curves are convex at 01:53. Many thanks!
Yessss! You explain this so beautifully. I understand indifference curves and the PPF/budget line more now.
very well done. finally, an economist that can teach.
this man is a genius! love his videos!
Thank you! You are excellent at explaining complex problems. I have watched your other videos and found them also to be a life saver.
Teachers are amazing; thank you so much for taking the time to do this. As you can see, you have helped many people!
really amazing 10 minutes approx 3 concepts cleared .. love u sir and God bless you!
Good work, I enjoy your lessons as they are very simple and to the point.
I'm in an international economics course, but I haven't taken intermediate micro for a year and this served as a really good refresher!
this is simply superb..i cant belive i am studying for my Grad exams of youtube....
Excellent video, thank you very much. You seem to have an ease to explain concepts logically and clearly which many, many other teachers don't have.
Very good and concise presentation.
Helpfull for my presentation..thnx
Whaaaaaaaaay my lecturer isn't this good . Thanx a lot 4 helping me and thousands to understand.
i wish u were our economics prof in our college.. i would never have failed with a teacher like u .. thanks alot..
Turns out, the concept is fairly straight forward, thanks
That was really helpful; especially now I'm revising for my exams
Man, you're amazing. Come teach at my university. Actually understand the idea of indifference after watching this. Thanks a lot, keep making videos mate!
Very helpful :) nice explanation
A million thanks and a million wishing you a great life because this helped me with my assignments.
Thank you so much. I really do hope your an economics teacher, cause you are an amazing teacher.
Thank you! my lecturer went through this immensely fast and assumed we all understood it just like that, thank you again!
@MrKingJumbo thanks for getting in touch- as the consumer has more to spend (and their budget line shifts outwards) they choose to use a greater proportion of their extra income on cars. Cars mus have greater income elasticity of demand in my example...
pajholden 1 sec ago
Best explanation I've seen yet, thank you sir.
wow you just saved a student on his midterm exam. thank you very much! you have been subscribed
such amazing teacher that is why i subscribed
this is really useful, i've passed my microeconomics 1 exam without knowing this(with bad score but still) and now that i learn the second part, finally I got exact knowledge what the hell the indifference curve is...
Thanks I'm taking Micro online and you've been a great relief.......
Excellent Video!👌
literally got more from this 10 min video than my 2 hour eco lecture cause my lecturer is useless. thanks heaps!
Excellent, very well explained...
thanks a lot for this lecture.
Excellent videos. Well done
Phil,
You make economics sound so easy and understandable!! The moment I hear about a new topic in class, I start hoping you have a youtube video uploaded out thr!!
Thx a ton!!
:)
The wonders of youtube, now I have found a starting point for my essay.
Amazing video, thank you so much!
Love this guy, saved me on my last mid term.
This has shed more light than i thought it would
Great. Just started studying this. This video has really complemented the coursework nicely. Thanks a lot. *Subscribed*
Extremely well explained.
this guy does a better job at explaining this concept than the elitist twats at the so called "one of the best universities in the world i go to".
well done,excellent clear and concise explanation.
The best explanation I've ever seen about these curves, thank youu.
its an excellent explanation
Great video, thank you for sharing!
Very helpful..... Thanks a lot,....
All the way from Namibia.
Great job, thanks alot sir, you explained it so clearly and gave reasoning to everything you said, great job :)
Great job 💡👍
@okam101 Hi Okam, you are right. Indifference curves could be linear if perfect subsitutes are involved. For that, the marginal rate of subsitution is constant throughout. Optimal utility could be achieved by solving for corner solution.
Thank you. Your explanation is impeccable.
Awesome, very helpful
Thank you! I understand it a lot way better than reading it with so many technical terms in books.
So one would assume that the budget line (BL) intersects the indifference curve (IC) only at one point, the point of tangent, and if we equate the first differential of the IC with the slope of BL we will get the points at which they intersect?
I learnt more in this 9 minutes than I did in my 1 week of college !
when you get an increase of the budget, this cuts the indifference curves in a higher combinations of food and cars,,, but the utility decreases the more you buy any of those items, How does it affect the indifference curves?
it was truly awsm
hey, thanks.
Another good and interesting video! I'm enjoying these very much.
nice work....keep it up...
very helpful, it help me to understand this topic well
Superb explanation
Brilliant explanation sir!
very funny explanation he is so quick and funny thanks
Thanks a lot. That really helped me but I have one question:
Why isn't the path of the way the spending changes linear? You give the example of it bending towards the "cars" and I don't get that.
Many thanks to you my brother
thank you very much sir i now understand indifference curves and ppfs
You sir have been sent by God!! I really needed this, thank you so much!!
Such a good teacher. Thanks a lot.
Incredible! Thanks & appreciation from Amsterdam!
simply one word great
the reason why the indifference curve is not positive slopped is "indifference curve" which means, all the complex of consume of X and Y (X,Y) in an indifference curve shows The SAME happiness, or Utility.if an Utility function is U=xy, and given utility is 10, we can set the utility function like this: 10=xy. it means, the consume complex, for example, (1,10),(2,5),(5,2),(10,1) give the same utility 10.so consider when a man consume x more than "additional" 1 to 2,from 1.
Thank you for making these videos,
the complex of consume (1,10) changes to (2,10) but new complex (2,10) is out of first indifference curve.that means (2,10) is more utility than 10 ,which i took as an example.(10=xy) for setting my consume complex to same utilty 10, he should GIVE UP "adiitional "Y ,until y becomes 5.(y:10->5).so we can find that positive change of x(Δx>0) and negative change of y(Δy
A brilliant explanation............thanks a lot :)