How to find the utility maximizing combination of two goods given the price of each good and the utility function U(x,y) of a consumer.
Жүктеу.....
Пікірлер: 102
@gabriella81413 жыл бұрын
The way you sigh before you continue the problem is a mood, even if you're just out of breath or tired.
@otter45966 жыл бұрын
lol u are so unenthusiastic I love it
@qlmnauyjvewrh15424 жыл бұрын
I love you. Never forget that. You can pin this so if you're ever feeling sad, you can come back to this video to remind you that you've saved lives.
@samgreer47585 жыл бұрын
this made so much more sense to me than my professor or any other youtube video ive watched on the subject. thank you so much!
@jordansipos40773 жыл бұрын
This is my review for my 300 level econ course. A huge thank you for making this straight forward.
@WorldWide20174 жыл бұрын
Thank you so much, you have no idea how much of a lifesaver you are smh. My midterm is tomorrow (half my grade!!) and I wasn't getting this until I saw your video. I just finished 2 problems w/ your help. God bless you sir.
@shireenkhan68472 жыл бұрын
This video is a life saver. I was struggling so bad at this but you explained it so well. Thank you so much
@hezb19964 жыл бұрын
I love you 😭😭😭, I have a test today! Now I understand this so well
@play3rm3x4 жыл бұрын
Great job man! this really helped. At the end to find Y, you can also plug in x=10 into your original Y= 8/5x :)
@teddytaylor33732 жыл бұрын
KZread carries students understanding of stuff. Thank you sir
@chawanzimubipe94414 жыл бұрын
you saved my semester, I owe you my degree
@toshow2373 жыл бұрын
Great video, this made the concept of utility maximization much easier to understand!
@nawodyawishvakeshani1287 Жыл бұрын
I am watching this video before my end exam . It was more helpful to my paper . The way you teaches better than our professor. Thank you so much.❤️
@chrisalfar6 жыл бұрын
Very useful video! Really liked the way you showed how to solve it rather than skipping steps like other tutorials. Only issue was I had to speed it up 1.5x because voice over was really slow haha
@akinrinaderihanat90132 жыл бұрын
Thanks so much for this lesson. I now understand equilibrium.
@gracebwakya54933 жыл бұрын
I love you💟💟 I've been looking for this for some time now
@theedenda6473 Жыл бұрын
Please make more of such videos. Well explained 👏🏾👏🏾
@tipany14726 жыл бұрын
GR8 VID, saved me in my econ hw, thanks!
@leticiacardoso2528 ай бұрын
Lovelyyyyyyyy!! I finally understood how to solve this problem!! Thank you so so much!
@rayalibux4 жыл бұрын
duuuude you rock! Also the sighs killed me lol
@fredrikkauffmann60306 ай бұрын
thanks man, that video was extremely helpful:)
@mr-beeee5553 жыл бұрын
THANK YOU SO MUCH, YOU SAVED ME!
@isuripathiraja59573 жыл бұрын
It's really clear to me.Thank you very much❤️
@knobyogurt3 жыл бұрын
This video saved my bacon. Massive thanks!
@pclark33893 жыл бұрын
OMG thank you so much for this video!
@koangpalreat72655 жыл бұрын
well-done now I got an insight to solve similar problem
@benbroyles1777 Жыл бұрын
Dude, you may have jut saved my life. I would love to sign a lifelong binding contract that entitles you to 50% of my futere earnings in the economic sphere.
@QuynhNguyen-ft8zl3 жыл бұрын
thanks so much, you saved me with this micro
@chumamemela62173 жыл бұрын
man you are killing it !!!!!!!
@ineslontrade27082 жыл бұрын
thank you so much, this really helped
@victormuvisindei72189 ай бұрын
I love it❤,,,i never understood my lec on that concept,,, Thanks 🙏
@massimilianogazzale58475 жыл бұрын
Great job!
@priskilafillipus Жыл бұрын
Great tutor..Thanks
@Twamh7 жыл бұрын
thank you very much for the video. i have been struggling with a similar problem where U=(x+14)(y-2) px=4 and the combination of goods was 86x and 52y . I was asked to calculate the income. I didnt have a clue to solve untill i did a derivation of the function and so on...thank you! now I can move on!
@hezb1996
4 жыл бұрын
Twamh hi
@hezb1996
4 жыл бұрын
How did u solve the differentiation of the utility
@evelynsiete39562 жыл бұрын
Considero está bien explicado! I hope more see 🇪🇨
@wrjazziel3 жыл бұрын
Thank you!
@OfficialLakaka3 жыл бұрын
Thank you!!!
@bernardcotton7217 жыл бұрын
merci pour cette video utility function: ça marche aussi pour 3 variables ( private goods, leisure, public goods); merci à youtube!
@thowathreatkuon69502 жыл бұрын
Wonderful lecture
@ramuravada36822 жыл бұрын
Superb sir
@devvratsharma73763 жыл бұрын
omg thank you so much!!!!!!!!!!!!!!!!!!!!!!!
@guzmanadventures3 жыл бұрын
just saved my life
@simonedisalvatore68323 жыл бұрын
does it works for every utility funciton ? cobb-douglas, quasi linear ecc.?
@thatkid24679 ай бұрын
if you use the Lagrange method do you have to plug the number you divided by back into the constraint and solve
@chaquila25542 жыл бұрын
thankyou so much
@Simple_living253 жыл бұрын
Nice video.. why no more videos on this channel?
@mayanlord90869 ай бұрын
You have no idea the extend at which you have saved my school semester.
@victorwallec25345 жыл бұрын
help!!, what if i dont know MRS (3xy^2) and just have the solutuion MRS=1/2 … 1/2=4/5? makes no sence
@rohakamal65517 жыл бұрын
how did you get U(x,y)=3xy^2? or is that just how the equation is always because i thought U=xy?
@thecinimod
6 жыл бұрын
U(x,y) = 3xy^2 is the utility function. In textbook or exam problems this is almost always just given. It can take many different forms, so sometimes it might be = xy, sometimes it might be = 3xy^2, sometimes it might be = 2x + y^0.5 or even something else. Each different way we can model the utility function gives slightly different properties and preferences for the consumer, and determines which bundles the consumer would like more than which other bundles. So ultimately how the utility function looks will depend on what real types of preferences we are trying to represent with this mathematical model.
@AlokJadva
Жыл бұрын
@@thecinimod nice
@blackstocktrader99994 жыл бұрын
Mu utility was 76800 & yours was 7680 please explain order of operations for calculating 3xy^2 did you only square the 16 instead of the result of the 16 and 10?
@masiwei8830 Жыл бұрын
mans a W ngl
@joshuaeliver10292 жыл бұрын
Where did you get the 6xy?
@pro-mario16 Жыл бұрын
what if the slope of the utility isn't equal to the budget line, like the result of the derivative of the utility equals 1/2 but the X=1 y=3, so the slope of the budget line equals to 1/3? How can I find the bundle point?
@ajaykumar-bg1hv Жыл бұрын
❤❤
@nazznat2251 Жыл бұрын
Life Savior 💪💪
@dkrlqo5 жыл бұрын
LIFE SAVER THANK YOU
@DawgFL3 жыл бұрын
what if i just get a scalar instead of y = (some)x, i get y = 8
@auviussimanansa2257 Жыл бұрын
I have a question. my question reads supposed you have 5 fish and 5 coconuts to get an extra unit of fish you have to give up 2 coconut. draw a budget line
@isaacnyarko91343 жыл бұрын
Neat
@muhammadfadhilah36402 жыл бұрын
Hey, i found my teacher a little bit tricky, where x is py is 4. And y is px is 2. How i supposed to do? Px/Py = MUx/MUy; or Py/Px = MUx/MUy? And i did the second. Am i wrong?
@salomluvinga8850 Жыл бұрын
Uh bra, uh are genius
@hexoonable6 жыл бұрын
i love u bby
@peterkasongomwelwa9325 Жыл бұрын
Woww at least my heart is at rest
@Norris_Ria2 жыл бұрын
Please I’m lost on how you get the 3xy square and the 6xy , all that I saw is that you started writing that without any explanation and I’m now taking Econ’s at university so please help me out
@clairelolification7 жыл бұрын
pleaseeee do more videos
@jeronimom15934 жыл бұрын
what if the utility function is first order
@shyrese139benjamin49 ай бұрын
Is this interior solution?
@frasermarshall73525 жыл бұрын
how does MUy become 6xy How can the square disappear and the 3 become a 6. Great video though helpful process to follow
@Toobadsososad
5 жыл бұрын
It's the partial derivative of the function with respect to y. The derivative of (y^2) is 2y, multiply that with (3x) which does not change since it is considered a constant when computing the partial derivative. The result is (3x)*(2y) = 6xy. :)
@bendover3686
5 жыл бұрын
Calculus derivative chain rule
@bendover3686
5 жыл бұрын
Oops wait. I think it’s actually called the power rule of derivatives
@abdirashiidmohamedrashiida75532 жыл бұрын
Hey how can i go ahead to work on roy’s identity from that step you got (7680) . Thansk
@user-od3pc3zm1l6 ай бұрын
Is the utility function U(X,Y)= 3XY^2 given in the question??
@ramkrishnan2704ind7 ай бұрын
You have mentioned u(x,y) = 3xy^2 ....Is that supposed to be an assumption
@MrDiranad7 жыл бұрын
sorry how did you get U(x,y)=3xy^2 ?
@FagnerDeschain
7 жыл бұрын
it is given, it could be any function
@jewbarrymore_7 жыл бұрын
PX/PY should not be - PX/PY, due to the fact that it is a decreasing slope?
@Meatcrob1
7 жыл бұрын
yes that is true, but the MRS is always (-1) the slope of the indifference curve. Since the IC is always negative for normal goods, it's implied that the MRS will be positive. He didn't explicitly show it, cause it's assumed.
@hashbrowncookie84445 жыл бұрын
shouldn't it be -Mux/MUy? so -y/2x or am I missing something?
@asolalita5558
4 жыл бұрын
Yeah you're right
@jasminhamzic56173 жыл бұрын
Awesome. Easy as fuck. Admire your honest mood :D
@pkelleher20118 жыл бұрын
How did you calculate marginal utility of y=6xy?
@glorig4152
7 жыл бұрын
you just take the derivative of U(x,y)=3xy^2 with respect to y so you bring down the 2 and you have 2 * 3xy^(2-1)= 6xy
@jug3435
6 жыл бұрын
still doesn't explain it for me, sorry, I did do calculus 101 loooong time ago but this explanation is not clear
@jammcrusader1981
5 жыл бұрын
this is a calculus III (partial derivative result) he doesnt exactly say thats what he is doing but it is
@aliahvanterpool456 Жыл бұрын
im confused as to how we got 6xy, can anyone explain to me
@kimo941006 жыл бұрын
How about when there are three goods? beers, hamburgers and Fries? haha
@yicongwang83342 жыл бұрын
Sigh~~~lol, but really thank you so much!
@Applejeans567 Жыл бұрын
please stop sighing . good video tho
@user-uc9dp1gh4d4 ай бұрын
🎉U=x the power of 0.5 times y the power of 0.5
@mercytuerijama66985 жыл бұрын
for starters like me, that's not the way to go rlly
@user-dv5up2lv7w Жыл бұрын
Legon students, did you understand this?
@dnaann18675 жыл бұрын
Beer cheaper than hamburger.what utopian economy is that
@MarekPohanka
5 жыл бұрын
i need to visit czec republic brah. beer is cheaper than water i shit u not
Пікірлер: 102
The way you sigh before you continue the problem is a mood, even if you're just out of breath or tired.
lol u are so unenthusiastic I love it
I love you. Never forget that. You can pin this so if you're ever feeling sad, you can come back to this video to remind you that you've saved lives.
this made so much more sense to me than my professor or any other youtube video ive watched on the subject. thank you so much!
This is my review for my 300 level econ course. A huge thank you for making this straight forward.
Thank you so much, you have no idea how much of a lifesaver you are smh. My midterm is tomorrow (half my grade!!) and I wasn't getting this until I saw your video. I just finished 2 problems w/ your help. God bless you sir.
This video is a life saver. I was struggling so bad at this but you explained it so well. Thank you so much
I love you 😭😭😭, I have a test today! Now I understand this so well
Great job man! this really helped. At the end to find Y, you can also plug in x=10 into your original Y= 8/5x :)
KZread carries students understanding of stuff. Thank you sir
you saved my semester, I owe you my degree
Great video, this made the concept of utility maximization much easier to understand!
I am watching this video before my end exam . It was more helpful to my paper . The way you teaches better than our professor. Thank you so much.❤️
Very useful video! Really liked the way you showed how to solve it rather than skipping steps like other tutorials. Only issue was I had to speed it up 1.5x because voice over was really slow haha
Thanks so much for this lesson. I now understand equilibrium.
I love you💟💟 I've been looking for this for some time now
Please make more of such videos. Well explained 👏🏾👏🏾
GR8 VID, saved me in my econ hw, thanks!
Lovelyyyyyyyy!! I finally understood how to solve this problem!! Thank you so so much!
duuuude you rock! Also the sighs killed me lol
thanks man, that video was extremely helpful:)
THANK YOU SO MUCH, YOU SAVED ME!
It's really clear to me.Thank you very much❤️
This video saved my bacon. Massive thanks!
OMG thank you so much for this video!
well-done now I got an insight to solve similar problem
Dude, you may have jut saved my life. I would love to sign a lifelong binding contract that entitles you to 50% of my futere earnings in the economic sphere.
thanks so much, you saved me with this micro
man you are killing it !!!!!!!
thank you so much, this really helped
I love it❤,,,i never understood my lec on that concept,,, Thanks 🙏
Great job!
Great tutor..Thanks
thank you very much for the video. i have been struggling with a similar problem where U=(x+14)(y-2) px=4 and the combination of goods was 86x and 52y . I was asked to calculate the income. I didnt have a clue to solve untill i did a derivation of the function and so on...thank you! now I can move on!
@hezb1996
4 жыл бұрын
Twamh hi
@hezb1996
4 жыл бұрын
How did u solve the differentiation of the utility
Considero está bien explicado! I hope more see 🇪🇨
Thank you!
Thank you!!!
merci pour cette video utility function: ça marche aussi pour 3 variables ( private goods, leisure, public goods); merci à youtube!
Wonderful lecture
Superb sir
omg thank you so much!!!!!!!!!!!!!!!!!!!!!!!
just saved my life
does it works for every utility funciton ? cobb-douglas, quasi linear ecc.?
if you use the Lagrange method do you have to plug the number you divided by back into the constraint and solve
thankyou so much
Nice video.. why no more videos on this channel?
You have no idea the extend at which you have saved my school semester.
help!!, what if i dont know MRS (3xy^2) and just have the solutuion MRS=1/2 … 1/2=4/5? makes no sence
how did you get U(x,y)=3xy^2? or is that just how the equation is always because i thought U=xy?
@thecinimod
6 жыл бұрын
U(x,y) = 3xy^2 is the utility function. In textbook or exam problems this is almost always just given. It can take many different forms, so sometimes it might be = xy, sometimes it might be = 3xy^2, sometimes it might be = 2x + y^0.5 or even something else. Each different way we can model the utility function gives slightly different properties and preferences for the consumer, and determines which bundles the consumer would like more than which other bundles. So ultimately how the utility function looks will depend on what real types of preferences we are trying to represent with this mathematical model.
@AlokJadva
Жыл бұрын
@@thecinimod nice
Mu utility was 76800 & yours was 7680 please explain order of operations for calculating 3xy^2 did you only square the 16 instead of the result of the 16 and 10?
mans a W ngl
Where did you get the 6xy?
what if the slope of the utility isn't equal to the budget line, like the result of the derivative of the utility equals 1/2 but the X=1 y=3, so the slope of the budget line equals to 1/3? How can I find the bundle point?
❤❤
Life Savior 💪💪
LIFE SAVER THANK YOU
what if i just get a scalar instead of y = (some)x, i get y = 8
I have a question. my question reads supposed you have 5 fish and 5 coconuts to get an extra unit of fish you have to give up 2 coconut. draw a budget line
Neat
Hey, i found my teacher a little bit tricky, where x is py is 4. And y is px is 2. How i supposed to do? Px/Py = MUx/MUy; or Py/Px = MUx/MUy? And i did the second. Am i wrong?
Uh bra, uh are genius
i love u bby
Woww at least my heart is at rest
Please I’m lost on how you get the 3xy square and the 6xy , all that I saw is that you started writing that without any explanation and I’m now taking Econ’s at university so please help me out
pleaseeee do more videos
what if the utility function is first order
Is this interior solution?
how does MUy become 6xy How can the square disappear and the 3 become a 6. Great video though helpful process to follow
@Toobadsososad
5 жыл бұрын
It's the partial derivative of the function with respect to y. The derivative of (y^2) is 2y, multiply that with (3x) which does not change since it is considered a constant when computing the partial derivative. The result is (3x)*(2y) = 6xy. :)
@bendover3686
5 жыл бұрын
Calculus derivative chain rule
@bendover3686
5 жыл бұрын
Oops wait. I think it’s actually called the power rule of derivatives
Hey how can i go ahead to work on roy’s identity from that step you got (7680) . Thansk
Is the utility function U(X,Y)= 3XY^2 given in the question??
You have mentioned u(x,y) = 3xy^2 ....Is that supposed to be an assumption
sorry how did you get U(x,y)=3xy^2 ?
@FagnerDeschain
7 жыл бұрын
it is given, it could be any function
PX/PY should not be - PX/PY, due to the fact that it is a decreasing slope?
@Meatcrob1
7 жыл бұрын
yes that is true, but the MRS is always (-1) the slope of the indifference curve. Since the IC is always negative for normal goods, it's implied that the MRS will be positive. He didn't explicitly show it, cause it's assumed.
shouldn't it be -Mux/MUy? so -y/2x or am I missing something?
@asolalita5558
4 жыл бұрын
Yeah you're right
Awesome. Easy as fuck. Admire your honest mood :D
How did you calculate marginal utility of y=6xy?
@glorig4152
7 жыл бұрын
you just take the derivative of U(x,y)=3xy^2 with respect to y so you bring down the 2 and you have 2 * 3xy^(2-1)= 6xy
@jug3435
6 жыл бұрын
still doesn't explain it for me, sorry, I did do calculus 101 loooong time ago but this explanation is not clear
@jammcrusader1981
5 жыл бұрын
this is a calculus III (partial derivative result) he doesnt exactly say thats what he is doing but it is
im confused as to how we got 6xy, can anyone explain to me
How about when there are three goods? beers, hamburgers and Fries? haha
Sigh~~~lol, but really thank you so much!
please stop sighing . good video tho
🎉U=x the power of 0.5 times y the power of 0.5
for starters like me, that's not the way to go rlly
Legon students, did you understand this?
Beer cheaper than hamburger.what utopian economy is that
@MarekPohanka
5 жыл бұрын
i need to visit czec republic brah. beer is cheaper than water i shit u not
Thank you soo muchh it was really helpful🫶🏻
Thank you!!!