Hey everyone welcome to econhelp!
I created econhelp with the view to providing intuitive, explanatory videos on a range of undergraduate topics within economics. My channel is still growing, so at the moment I mostly focus on undergraduate microeconomics but hope to extend to macroeconomic and mathematical economics in due course. Please let me know if you would like me to cover any particular topic!
*** I am currently trialling online tutoring, either 1:1 or in small groups - see form on my webpage - www.econhelp.com.au or email me for enquiries if you are interested ([email protected]) ***
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This was so easy to grasp! Thank you so much!
Ohhhhhhh my god. Finally everything clicked at 4:05 . I've been staring holes into my prof's nonsensical shortest possible answer minimum effort notes and here I find the literal key information. Wild. I don't know why they eeven pay econ profs at universities anymore. Thank you!
Why did You not invert the function?
Thanks for the question! So the strategy of setting each variable to 0 and solving for the other in order to find the intercepts will work whatever form the function is in. For instance, note that the inverse demand function: P=25-Q/2 describes exactly the same relationship as the demand function: Q=50-2P It just looks different. You can check by setting each variable in each function equal to 0, both functions solve for a quantity axis intercept of 50 and and price axis intercept of 25. We can actually represent this relationship in a number of ways: Q-50+2P=0, P-25=-Q/2, ... etc. These are all legitimate algebraic descriptions of exactly the same relationship and the same curve. The first form (where P is on the LHS) is called the "slope -intercept" form of the equation of the line because the constant o the RHS is equal to the P-axis intercept and the coefficient on the quantity variable equal to the slope. So it's special in that way, but really you can use any form of the equation you want. Does that help?
I have watched atleast 10 videos before. But finally your video was the one which helped by finally understand it. Thank you so much.
I'm an ACCA student, and in F5: performance management we have to study this topic, I can't begin to explain what they've done to it in their syllabus, they outright refuse to use the brain... at all, and I'm not saying this out of anger or disappointment, it's just the way things are. E.g they refused to teach us Marginal Revenue bcz, and I quote "Studying MR requires mathematical derivatives, many of the students haven't studied it so it's not part of your ACCA syllabus, we'll just give you a formula MR=a-2bq, and elasticity is constant, wtf are derivatives? and oh, this "model" cannot be used in the practical world bcz it uses the high-low method, it assumes a linear relation btw demand and price" Then how about you don't use the high-low method? HL method is the biggest nonsense ever, stop shoving it down our throats. ever heard of regression? there are so many types of it, one of them might be appropriate? or how about you use some statistics and probability if appropriate? how about you don't assume a linear relationship btw Q and P? How about you stop doing the stupid things you're doing? Maybe the model would work if you would at least try to use your brain. WTF man???? I studied calc 1 in high school when I was 17, I studied multivariate calc and (some) differential equations on my own, calculus is the easiest thing out there and they refuse to do anything that requires them to use their brain, they do this all the time, they do this to everything, consider the problem of limiting factors, now imagine the most stupid way of approaching this problem, well ACCA have you covered, they teach Marginal and Throughput accounting, that only deals with one limiting factor, if there are two products and many limiting factors, there's linear programming, well, what if there are many products and many limiting factors? you may ask: "Well then go duck yourself, we can't teach you anything that's of value and requires you to use your brain". And I can't even begin to tell you what they taught us in the learning curve, this is the most stupid subject ever. Studying it just boils my blood. If someone is reading this, just don't go into accounting, and don't do certifications, they're not a good education. Go to a proper university and study a stem degree. A BSCS from an unknown university >>>>>>>>>>>>>> ACCA+ CFA+CA+MBA+ work experience from biggest A&F companies on earth.
Thank you
Thanks for the video - I have a question, why are indirect income taxes "separately" part of the GDI? Are they are not implicitly included as a part of the incomes (private, HH, corporates, etc)?
Hello! I'm not sure! I would have assumed we just counted the gross. Can you give me a source for the discussion/textbook?
that's a great video....i understood perfectly
Glad you liked it! Thanks for the comment!
I am confused with the dominant for don
Don does not have a dominant strategy. His best response changes when Mike changes his action. Does that help?
Thank you for the video! so why is mr steeper than ar?
I'm not sure how to think about this is terms of slope. Here's an initial thought: what we want to explain is that the MR is not only less than AR, but increasingly so. This will give us the steeper slope. From this perspective, the answer may well be "because the price decreases": - as we increase quantity, the additional revenue we get from that additional quantity, gets smaller and smaller because the price we get for that additional unit gets smaller and smaller. Thus we get MR steeper (below our demand and increasinly the gap gets wider). Does that help? Another way to think about it is with elasticities and connecting it with the TR curve, but I'm not sure if that helps.
@@econhelp_official okok, thank you. From all the other videos I have watched, they have only proved it mathematically, so I was wandering if there is an actual explanation to it haha.
Yeah it's a good question, I hadn't thought about it in terms of the slope. I think it's really good to see this through the elasticities as well, that gets to the issue in another way. In the top half of the curve we go from perfectly elastic to unit elastic. This means that increasingly, as we decrease the price, the demand gets less responsive to changes in price (quantity does not change so dramatically given a decrease in the price). I'm pretty sure I go through that here: kzread.info/dash/bejne/p5WrzNGom93ZZLw.html... So then we link it all to the hump shaped TR curve. Another way to think about it is that MR can't ever be flatter than AR (otherwise at some point MR will become greater than AR, which we know from this video can't be true). So then the question is, why isn't it just the same slope? Well... the price is decreasing. each time we increase q, that part of MR that increases (because we sell one more unit) is getting smaller and smaller (since price decreases) so MR gets smaller more quickly (i.e. it is steep). ... I hope that makes sense, it's actually hard to articulate! :)
@@econhelp_official omg that was really helpful. thank you!
it really helps me tysm wish me luck for my final exam
u are the best!!!!
You are! xx
helps a lot !
so sweet explanation hahaha
Thank you! 😃
I've been trying to understand this for the past two years and this just told me everything I needed to know. Thank you!
You're so welcome! Good luck!!
YES! I have been so confused and genuinely nothing has been able to help. This video did it queen, keep slaying miss econhelp
That helps!! Thank you.
Connecting S to the Qs is a helpful explanation. Thank you.
Amazing!
You are! ❤️
@@econhelp_official Thank you ❤
Thanks for this
Any time! Thanks for the comment!
Subbed
Superb!!!
Thank you! Cheers! I appreciate it!
thank you!!!!!!!!!!!!!!
You're welcome! ❤️❤️
Amazing mam you clear the concept with in 9 minute. Love you ❤and love from India 🇮🇳
Love back from Australia!! ❤️❤️❤️
Thank you so very much
Thanks for the comment you are very welcome!
I have been so confused on this concept and this cleared it up, thank you so much
Glad it was helpful! ❤️❤️
Excellent 👌👌
Thank you! Cheers!❤️😊
2:20
this video helped me sooo much, thank you!
Glad it helped! ❤️😊
Great video but is there a difference between productive efficiency in the long run vs productive efficiency in the short run? Is a firm that produces at the min of srac productively efficient in short run while a firm that produces on any point on lrac is productively efficient in the long run?
Really good question, I find this stuff really difficult. Some texts identify productive efficiency with technical efficiency, some use a broader definition (I think… it’s so confusing), so even on definitions alone I find this area problematic. Best to ask your teacher/ check textbook. In my experience more advanced texts take LR equilibrium to be at min LRAC, and this is what it is to be productively efficient. More beginner texts don’t seem to differentiate between LRAC and SRAC, they just say P= min AC in the LR, and they sometimes say this is productive efficiency… hope this helps, sorry I don’t know the proper answer!
Well, I am preparing for my final exam and your video just helps me understand a concept that has bothered me for a long time. Thanks a lot.
Awwww cool I hope you did well!! ❤️❤️
Thank you for this I have my A-level macro exam tomorrow and this explained the concept so well
Glad it was helpful! Good luck with your exams I hope you did well ❤️👍
Great video ❤
Thank you!! ❤️
This really helped me put it all together....thank you!!!
Thaaank you ma'am, it really helps a lot 🥺🔥
Thank you so much
Great🎉 playlist I'd forgotten most of these rules
thanks
Thank you so much for your content. I am very grateful that you have made these helpful videos that are easy to understand and enable me to grasp complicated concepts. They have been a great aid in my university studies. Keep up the awesome work, thanks again.
Thanks this helped a lot
Hey really needing help with this one. What happens when input costs increase in this exact situation
This is great thank you
THANK U SO MUCH THIS IS THE ONLY TOPIC I STRUGGLED THIS MUCH TO UNDERSTAND
THANK YOU!! Great explanation👏
You're very welcome! Thanks for the comment and good luck with your studies!!
This was very helpful in preparation for the AP exam, thank you!
You're very welcome! Thanks for letting me know, good luck with the AP :)
this was very helpful, thank you so much
You're very welcome! Thanks for the comment and good luck with your studies!!
Mam please solve some questions from an exam held in India IIT JAM economics please 🙏🙏
Hello! I had a little look at one past paper. I will try to go through some in the future. Thank you for the comment and letting me know about the exam!
@@econhelp_official Thank you mam for considering my voice 🙂
Hi @eternallife9301, I had a look at some of the past papers and the questions were very interesting and actually very cool for me to sit down and try to figure out. Because these topics are a bit different from my current library of topics I have videos on, it will take me a little while to get to do videos on them. Unfortunately at the moment I have very little time (I have an energetic toddler) and because of this I'm just doing relatively easy videos that are quick for me. So the videos probably won't be quick enough to be useful for you. Given this though, please feel free to e-mail me ([email protected]) in the mean time with any specific questions, and I can try to explain things via e-mail. Sorry I couldn't be quicker with the videos!!
@@econhelp_official hmm😊 thanks mam for kindness 😍, in which topics or questions I'll face difficulty I'll try to reach you. Once again thanks mam😊
thank you
You're welcome! good luck with your studies!
Thank you very much from Kyoto. Your explanation is very easy to understand😄
I'm so glad! Thanks for letting me know, and good luck with your studies 👍👍
Hi. I am from Pakistan and I love your videos and style of explanation. Please be kind to share your email here so I can write to you for some querries. Would be very kind of you.
Thank you so much! [email protected] :)