i ve been crying because i could not understand the depths of this. This has literally saved me from failing. i feel so much better, this dosent make me feel dumb , love this❤
I couldn't thank you enough for giving a lecture video on this chapter! This helped me so much and I understood certain material much better after watching this video than my professor giving a lecture in class.
Thank you very much Dr. Azevedo for such a great video! It is user friendly and easy digesting for such a complicated concept. I like all the examples you have been given in the video! Please post more great videos in youtube! Always support!!!
I was looking for resources I can use to learn Economics. I searched many times but I couldn't find a good one. Today I was so down because I couldn't understand this lesson after spending so many hours. So my mum searched for it online and decided to select this video. I'm glad of everything that happened that made me access this video ❤. Thank you for posting ❤
Thank You for this very Great Video but Why, if you don't mind, you don't post videos now? And can you also tell how you record these videos. Otherwise Thank You So Much. This is so much more clearer to me now.
Perhaps it would be better if economic theories excluded the concept of opportunity cost. This is because it can lead to confusion and cannot be precisely quantified mathematically. There are countless potential opportunity events (for example, one of the myriad possibilities when someone decides to do something might be getting visited by aliens and gaining superpowers, haha). Even if we select the few with the highest benefits, it's still difficult to scientifically quantify them precisely. It might be better to choose several different path events and then compare their respective benefits. Regarding the law of diminishing marginal utility, consider a treasure chest that requires five identical keys to be inserted simultaneously to open (or a lottery, where the more correct numbers you have, the bigger and faster the prize). In this scenario, each found key increases happiness progressively, with the joy from finding the last key potentially overwhelming someone with happiness. Additionally, there are cases where the combined effect of the parts is greater than their simple sum, resulting in an increasing effect. also,For instance, the marginal utility of scientific discoveries or technological advancements, when viewed historically, is increasing. The benefits brought about by technological developments in the past few decades far surpass those of the past.
Thank you! Here's the playlist for the principles of microeconomics videos that I have available right now. I also have macro videos available as well in a separate playlist. czcams.com/play/PLTjEimbqDkpBL55W6wye1jTcYePjehkT3.html
Dr Azevedo, thanks for your great video, but I have a question regarding cost of production when attending my lecture. My professor says that 'Technological advance may result that firm uses more capital and less labor, so fixed costs increase and variable costs decrease. ATC increases at low output levels and decreases at high output levels'. But the ATC curve is U-shaped. The ATC should decrease at low output level and increase back at high output level instead of converse. My understand is that ATC curve looks like "concave downwards" when technology improves?? I actually don't understand what my professor means. Hope you can solve my question. Thanks!
Honestly, I'm not sure what your professor is saying either. Maybe there's a misunderstanding somewhere. Typically, we would think about a technological advance as shifting the cost curves. For example, technological progress typically makes production cheaper, so the cost curves would shift down. Firms can also freely substitute between capital and labor (in the long-run), so there's nothing wrong with saying that a firm's fixed costs could increase and variable cost could decrease. However, this is very different from describing how ATC is affected by changes in output. If your professor is saying that the ATC curve is inverted....that's not true. Fixed costs are fixed....obviously. This means that AFC has to decline as output increases (because output is in the denominator). Variable costs increase as output increases. When you produce more output, you need more inputs, which costs more. AVC can be U-shaped, but will eventually increase due to the law of diminishing marginal product. If AFC is decreasing as output increases, and AVC is eventually increasing as output increases, the ATC curve is U-shaped. In other words, these two things together rule out the possibility of an "inverted" ATC curve.
@@DrAzevedoEcon I have tried by myself to figure what is the meaning of 'ATC increases at low output level and decrease at high output level' by contructing a table of Q, FC, VC ... like what you did in the video. It turns out that compared to original ATC curve, when TFC (thus AFC) increases and (TVC thus AVC) decrease, when Q is low, the new ATC curve starts from a higher position that original ATC curve. Then the new curve decrease more rapidly than old curve (so new and old curve intersects at one point). After that point, the new ATC curve is always below the original ATC curve. I think that is the actual meaning of my professor. Though still thank you professor as you let me understand more deeply why ATC curve has to be U-shaped. My professor just teach one example of shifting cost curve, and then just said 'Figure out other possibilities by yourself and read the rest of ppt'.
i ve been crying because i could not understand the depths of this. This has literally saved me from failing. i feel so much better, this dosent make me feel dumb , love this❤
ur literally such a great teacher and im literally wishing the best for you the rest of my life
Thank you! I appreciate that.
it's never been this easy to learn econ. thank you sm!
I couldn't thank you enough for giving a lecture video on this chapter! This helped me so much and I understood certain material much better after watching this video than my professor giving a lecture in class.
I'm glad the video helped clarify things!
This is AMAZING. Production and Cos Functions are explained with ease. Thank you.
You are so awesome. Every time I watched again and again, I still learn something. Thank you so much
Thanks! I'm happy to hear that it has helped you out!
Great! Everything is clearer now. Thank you for this beautiful lesson
Can we have more lectures ... U r great teacher☺️
Thank you very much Dr. Azevedo for such a great video! It is user friendly and easy digesting for such a complicated concept. I like all the examples you have been given in the video! Please post more great videos in youtube! Always support!!!
The you so much sir, I able to understand in depth about production and cost now,..
Cheers 🥂 to success 🥂
Your videos are really explanatory for economics students thank you for the lectures from Turkey.
You're welcome! Happy to help!
@@DrAzevedoEconI got 100 from the final exam, I got 72 before I met you, but I got 100 after watching your videos, thanks again professor
@@mehmetciftci3163 Great job!
from Brunei being helped as well
Econ would be a nightmare without your videos. Ive chosen Econ as an elective and you are saaaavvvviiinnng my life🙏🏼
Very happy to be able to help!
Thank you sir! That was really beneficial
I was looking for resources I can use to learn Economics.
I searched many times but I couldn't find a good one.
Today I was so down because I couldn't understand this lesson after spending so many hours.
So my mum searched for it online and decided to select this video.
I'm glad of everything that happened that made me access this video ❤. Thank you for posting ❤
I'm glad you found the videos! Good luck with your studies!
Thanks sir this videoes gives more information than my lectures
subscribed, this is so good❤
Your content is really excellent. Please, make more Videos on other topics like macroeconomics
crystal clear lectures, thank you teacher.
Glad to help!
awesome , thank you for your superior efforts ❤
Incredible content Sir love from Pakistan 💛
Thank you! Thanks for watching!
Amazing Explanation.
Thanks for saving my Assvedo Professor Azevedo
Haha! Happy to help!
Awesome video!
loved it .. nicely explained
You are motivating me to think like an economist,
Great! I wish everyone thought that way.
Thank you so much!! I want you to know that you truly helped me a lot. Thank you!!
You’re welcome! I’m glad the video was helpful!
Love your voice & delivery!
We need concepts of another ch. Too..
Exquisite explanation!
Great video 👌👌
Nice explanation!!
mind blown
Thank you so much for the video sir 🙏 Your efforts and expertise are highly commendable.
You're welcome! Glad to help!
Best i have ever seen😮😮😮
Thanks!
Very well explained 👍
God bless U, Man.
Best teacher!
the most helpful video on yutube!thx!!
Thank You for this very Great Video but Why, if you don't mind, you don't post videos now? And can you also tell how you record these videos.
Otherwise Thank You So Much.
This is so much more clearer to me now.
Nice job sir
Great Lecture !💯💯
Thanks!
thank you very nice class.
you are my saver
Happy to help!
Thank you so much!
thank you so much
Thank you 😊
You're welcome! Thanks for watching!
Very helpful
Thank you so much.
So great to see Vietnamese here
nicely explained
😍😍Thank you sir
Perhaps it would be better if economic theories excluded the concept of opportunity cost. This is because it can lead to confusion and cannot be precisely quantified mathematically. There are countless potential opportunity events (for example, one of the myriad possibilities when someone decides to do something might be getting visited by aliens and gaining superpowers, haha). Even if we select the few with the highest benefits, it's still difficult to scientifically quantify them precisely. It might be better to choose several different path events and then compare their respective benefits.
Regarding the law of diminishing marginal utility, consider a treasure chest that requires five identical keys to be inserted simultaneously to open (or a lottery, where the more correct numbers you have, the bigger and faster the prize). In this scenario, each found key increases happiness progressively, with the joy from finding the last key potentially overwhelming someone with happiness. Additionally, there are cases where the combined effect of the parts is greater than their simple sum, resulting in an increasing effect.
also,For instance, the marginal utility of scientific discoveries or technological advancements, when viewed historically, is increasing. The benefits brought about by technological developments in the past few decades far surpass those of the past.
You are really great teacher... How can i find the lectures other chapters?
Thank you! Here's the playlist for the principles of microeconomics videos that I have available right now. I also have macro videos available as well in a separate playlist.
czcams.com/play/PLTjEimbqDkpBL55W6wye1jTcYePjehkT3.html
thank you so much
i feel i owe you
You're welcome! You don't owe me a thing....just do your best on your exams.
Thanks a lot
You're welcome!
Thank you so much sir :)
thank you so muchhhh.
Sir , is there any reason why some chapters are missing in U TUBE?
Have an exam within an hour. Thank you
Thankyou sir😊
You're very welcome!
Thanks sir...
How you be doign the thang with the board??? ARe you being having writing backwards?? If so you are reall ygood at it!!! Love you, ZAndy
Not writing backward. I'm writing on glass, and then the image is reversed so that it's readable. Happy to help!
Why is the cost of raw materials not included in the TC(in the example)??
Please upload chapter 8 and other missing chapters
thank youuu
You're welcome!
Dr Azevedo, thanks for your great video, but I have a question regarding cost of production when attending my lecture.
My professor says that 'Technological advance may result that firm uses more capital and less labor, so fixed costs increase and variable costs decrease. ATC increases at low output levels and decreases at high output levels'.
But the ATC curve is U-shaped. The ATC should decrease at low output level and increase back at high output level instead of converse. My understand is that ATC curve looks like "concave downwards" when technology improves?? I actually don't understand what my professor means. Hope you can solve my question. Thanks!
Honestly, I'm not sure what your professor is saying either. Maybe there's a misunderstanding somewhere. Typically, we would think about a technological advance as shifting the cost curves. For example, technological progress typically makes production cheaper, so the cost curves would shift down. Firms can also freely substitute between capital and labor (in the long-run), so there's nothing wrong with saying that a firm's fixed costs could increase and variable cost could decrease. However, this is very different from describing how ATC is affected by changes in output. If your professor is saying that the ATC curve is inverted....that's not true.
Fixed costs are fixed....obviously. This means that AFC has to decline as output increases (because output is in the denominator). Variable costs increase as output increases. When you produce more output, you need more inputs, which costs more. AVC can be U-shaped, but will eventually increase due to the law of diminishing marginal product. If AFC is decreasing as output increases, and AVC is eventually increasing as output increases, the ATC curve is U-shaped. In other words, these two things together rule out the possibility of an "inverted" ATC curve.
@@DrAzevedoEcon I have tried by myself to figure what is the meaning of 'ATC increases at low output level and decrease at high output level' by contructing a table of Q, FC, VC ... like what you did in the video. It turns out that compared to original ATC curve, when TFC (thus AFC) increases and (TVC thus AVC) decrease, when Q is low, the new ATC curve starts from a higher position that original ATC curve. Then the new curve decrease more rapidly than old curve (so new and old curve intersects at one point). After that point, the new ATC curve is always below the original ATC curve. I think that is the actual meaning of my professor. Though still thank you professor as you let me understand more deeply why ATC curve has to be U-shaped. My professor just teach one example of shifting cost curve, and then just said 'Figure out other possibilities by yourself and read the rest of ppt'.
@@MKLee369 Happy to help!
where is chapter 12?
Hello,professor!where is chapter 8?
Saviour
Glad to be able to help!
HAAAAAAAAAAAAAAAAAAAAAAA thanks!
You're welcome!
32:46
ARE YOU JESUS!!!
Nope...just an econ professor.
The you so much sir, I able to understand in depth about production and cost now,..
Cheers 🥂 to success 🥂