Thank you very much! Wish you were the Prof in my class. We wasted 45 min and everyone was still confused.

Great video! Follow up questions: 1. What if the student wants to get the 4.0? Is that like revenue maximization? According to the model here it’s almost as if it’s not worth fighting for that A+... 2. When it comes to studying, one can argue that there’s a compounding effect, meaning the more one studies the more one understands the material and the more it sticks, which is contrary to the model you set up. How would you set up a model that represents that compounding benefit? 3. Is there a way to include the time constraint into this model as well? 4. (Not sure if this is really included in point 2 above) One could also argue that perseverance in studying has an additional benefit of improving studying habits overall and therefore the additional time spent studying actually changes one’s equations as one goes on studying. So perhaps an optimization model isn’t the right for altogether or what would be a model that captures that as well? Thanks!!

@AshleyHodgson

3 жыл бұрын

Great questions! 1) If the student wants a 4.0, then you would use a time minimization function subject to achieving a 4.0 as a constraint. With s as choice variable... min s s.t. G(s) = 4.0. I might do a video on this eventually because it's fun. 2) There absolutely could be more complexities to the shape of the G(s) function. It could start out increasing at the margin, for the reasons you describe, and then later start diminishing. Eventually, it will be diminishing for sure. 3) You could add a time constraint, but it would be trivial. If you have exactly 5 hours to study, then s = 5 unless there is some kind of opportunity cost. If s does not equal 5, then the opportunity cost is all that matters, not the time constraint. 4) I think you are absolutely right that studying more over the long run changes the underlying "type" of student you are by changing your habits. Essentially, building the habit of studying rotates up your G(s) production function.

Super clearly explained - thank you!

Really well explained, I really like your stuff

thanks for the lessons. came here just want to learn why we always do FOC and SOC to find max benefits/rev. helps a lot! take my subscribe!

I still got throuh that video without any question marks - my 8th grade economics teacher would be so proud of me!

Great content, thank you very much!

This series is super helpful - if you make a Coursera course, I'll be your first subscriber!

thank you so much!

helpful, thankyou

Good job

how to find: FOC & SOC given the equaltion Tc = 100 +60Q-12Q2+Q3

She resembles like Colby Minifie!

Wouldn't the second derivate be -0.25s^-1.5 - 0.2 ?

Does anyone have the book Microeconomics With Calculus - 1997?

thank you so much!!!