Thank you for watching. Best wishes on your economic studies.
@Axerylle_Zelie0719 күн бұрын
How did you get the total cost?🙂
@OCCSFECON18 күн бұрын
Thank you comment. The total cost for the video were calculated in the video Total Cost (kzbin.info/www/bejne/joTEk6ire71nf6c). Unfortunately, the video was produced over ten years age before the KZbin introduced cue card to reference related videos. One of my projects is go through and add cue cards to reference video and outros to those original videos. I am sorry for any inconvenience I may have caused.
@Stacy-annL-ky7xcАй бұрын
Verry clear and professionally demonstrated.
@OCCSFECONАй бұрын
Thank you!
@user-nh1ph2no9v3 ай бұрын
❤thanks
@OCCSFECON2 ай бұрын
Thank you for your comment.
@user-nh1ph2no9v3 ай бұрын
Thank you sir 🎉
@OCCSFECON2 ай бұрын
Thank you for watching. If you have any questions, please feel to put them in the comments.
@mssn31665 ай бұрын
Thank you very much! Very helpful and great explanation!
@OCCSFECON5 ай бұрын
I am glad you found the video useful
@opualadaniel53565 ай бұрын
Thanks I love this video
@OCCSFECON5 ай бұрын
Thank you for the compliant.
@winifredconley66596 ай бұрын
"Promo sm" 🤷
@OCCSFECON5 ай бұрын
Hopefully, you found it useful.
@joegagliardi39846 ай бұрын
If only it were that easy. Businesses rarely seek equilibrium, as such, they try to find out how much they can charge to make the most money. That’s expected, however, the price they choose is often higher than the equilibrium price. And, contrary to economic theory, they’re not left with a surplus. Over the last few years, businesses have failed to lower prices despite higher inflation; and as inflation has cooled, prices have largely stayed the same. Over a longer period , even though real wages in the U.S. have not increased (inflation-adjusted) for decades, the price of goods and services in many markets has not come down accordingly. For example, the median income in the early-70s was 1/3rd the price of a new home, but today the median household income adds up to only 1/6th of the national average price for a new home. Changes like that have shrunk the middle class and made the American dream a thing of the past. The same is true of the student loans industry, automobiles, travel, and so on. Don’t get me wrong, I strongly prefer capitalism over any other form of economic system, but for textbooks to continue to teach that sellers inherently try to find the equilibrium price, the perfect balance for buyers and sellers alike, is just not the reality. Aside from my personal opinions, I do favor the teaching of economics for students before they enter college and I also think it’s great that you’re posting these educational videos online. Keep up the good work.
@OCCSFECON6 ай бұрын
Thank you so much for your comment. I am unsure what you are trying to say with your comment, "If only it were that easy. Businesses rarely seek equilibrium, as such, they try to find out how much they can charge to make the most money. " I hear you say that businesses seek to find the best price they charge to maximize profits. If I understand your view, it is consistent with the model. Economists assume that firms are profit-maximizing identities and will seek to maximize their profits by charging a higher price. However, I noticed that you did not discuss the role of the consumer. Businesses can only charge what consumers are willing to pay. So, market equilibrium depends not only on what firms charge but also on what consumers are willing to pay for the good - if a consumer doesn't want the good, the seller has two choices: either lower the price of the good or stop producing the good. So, in either case, the producer is dependent on the consumer. My uncle was an apple orchardist who drove an hour and a half to a relatively large city to sell his apples at a farmer's market. My father and I would join him to help him to sell apples in the fall. Before the market opened, my uncle would "walk the market" to see the prices and quantities of apples his competitors offered and adjust his prices to match their prices and quantities. He would walk around the market again around noon, and if he noticed a change in his competitor's prices, he would adjust his prices accordingly. Incidentally, his competitors were doing the same thing. He better understood what consumers might be willing to pay for his apples. I appreciate your comment and am grateful you are willing to share your views on my presentation.
@OCCSFECON6 ай бұрын
Thank you for time and interest in my video and taking the time express your view point. The U. S. government calculates the inflation rate using either the Consumer Price Index(Bureau of Labor Statistics) or the GDP Deflator (Federal Reserve System). Let's look at your comment, "Over the last few years, businesses have failed to lower prices despite higher inflation; and as inflation has cooled, prices have largely stayed the same. Over a longer period, even though real wages in the U.S. have not increased (inflation-adjusted) for decades, the price of goods and services in many markets has not come down accordingly." Inflation is the percentage increase in prices over time. For example, suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% (I hope not ), the price will increase to 11.00 USD per pound (24.20 per kilo). Deflation is the percentage decrease in prices of over time. For example, if the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. During 2022, the inflation rate for the price of apples decreased by 10% (-10%), and the price of apples will decrease to 9.00 USD pound (19.80 USD per kilo). Most economists use the term "cooled" to mean that inflation has decreased but not entirely disappeared. So if inflation decreases from 10% to 5% or from 10% to 1%, inflation has "cooled" (Federal Open Market Committee, a division of the Federal Reserve System, has a target of 2% for the U.S. economy). Generally, the term does not mean that inflation is 0%/ So, let's look at two examples of inflation "cooling." Suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% in 2023 (I hope not ), so the price of apples will increase to 11.00 USD per pound (24.20 per kilo). In 2024, the inflation cooled to 5%. So, the price of apples has risen by 5% or 0.55 USD per pound (1.12 USD per kilo) to 11.55 USD per pound (23.32 USD per kilo). So, although inflation has decreased by half, prices are still increasing. Let's look at the second example of cooling. Suppose the price of apples is 10.00 USD per pound (or 22.00 USD per kilo) at the beginning of 2022. In 2022, if the inflation rate for apples is 10% in 2023 (I hope not ), so the price of apples will increase to 11.00 USD per pound (24.20 per kilo). In 2024, the inflation cooled to 0%. So, the price of apples has risen by 0% or 0.00 USD per pound (0.00 USD per kilo) to 11.55 USD per pound (23.32 USD per kilo). So, since there is no inflation, it implies that prices did not change in 2024 and have remained the same as they were in 2023. For the price of apples to drop, inflation must drop below zero percent (deflation). So, to return the price of apples to 10.00 USD per pound, it would require an inflation rate of - 9.09%. Of course, dropping the inflation rate to -9.09% would most likely lead to a recession. You made some thoughtful and interesting comments. and I glad you felt comfortable enough to add to the video.
@OCCSFECON6 ай бұрын
I am very thankful for your comments and observations. I am also a little unclear about your statement, "And, contrary to economic theory, they're not left with a surplus." I hear you saying that firms never have more inventory than they can sell at a given price. Hopefully, I understand you correctly. So, in your view, why do stores have sales? Or why do automobile companies have incentive programs during recessions, but during economic good times? Or why does the Federal government buy milk from dairy farmers who overproduce milk? I am grateful for you interest and comments.
@charlesgripp3436 ай бұрын
What is the difference between this and a supply and demand curve?
@OCCSFECON6 ай бұрын
Thank you for your comment and question. I am sorry for my delay in responding to your comment. The graph of marginal utility (additional value) and the demand curve are different concepts but are related to one another. The marginal utility graph measures the relationship between the amount of marginal utility (additional value to the consumer) and the consumption of an additional unit of good. Let's consider the consumption of pizza (or any type of food). Eating a few pieces of pizza is very satisfying, but eating three or four whole pizzas is probably not very enjoyable. Demand is the relationship between price and quantity demanded, and the price consumers are willing to pay per unit of the good (a slice of pizza) decreases as consumer demands more of the good. In economics, the price of a good that a consumer is willing to pay reflects the value of the good to the consumer. So, if the marginal utility (or additional value) to the consumer declines, the consumer is willing to pay less for an additional unit of good (or slice of pizza). You might wish to check out the Modern Utility Theory video (kzbin.info/www/bejne/pGXbn2x6qJengbs), and Finding Demand (kzbin.info/www/bejne/h2a1mmqwq9CSpbM) video.
@Denis-pg7qu7 ай бұрын
Promo sm
@OCCSFECON7 ай бұрын
I am glad you found the useful.
@t00lsgarden148 ай бұрын
I think you need to take larger breaths so you can speak the whole sentences in one time, otherwise you need to go to do more exercise
@OCCSFECON8 ай бұрын
Thank you for your comment. This series was my first attempt at video making ten years ago. I am working on redoing this the series.
@kstr9999 ай бұрын
katuruyo mamati ba HAHAHA way ka energy-energy
@OCCSFECON9 ай бұрын
Thank you for your comment. I am not sure what you are trying express. Best wishes.
@musyanisilwimba62329 ай бұрын
The very bottom cell for total profit is wrongly calculated, it should be 21 using your formular
@OCCSFECON9 ай бұрын
Thank you for catching the error. You are correct.
@michelealmeida541510 ай бұрын
GREAT VIDEO
@OCCSFECON10 ай бұрын
Thank you for your comment. If you have a topic you would like to see a video on, please put it into the comment sections.
@michelealmeida541510 ай бұрын
excellent video ! Thank you...
@OCCSFECON10 ай бұрын
Thank you for your comment. If you have a topic you would like to see a video, please put it into the comment sections.
@pallavisingh251111 ай бұрын
Thanks 👍
@OCCSFECON11 ай бұрын
Thank you for your comment.
@DeguSetegn-xe1hu Жыл бұрын
Good
@OCCSFECON Жыл бұрын
Thank you for your positive feedback.
@samuelmwasambu8992 Жыл бұрын
Very helpful. Thanks
@OCCSFECON Жыл бұрын
Thank you for your comment.
@alwandethuba2606 Жыл бұрын
Thanks a lot sir
@OCCSFECON Жыл бұрын
Thank you for comment. Good luck on your economics studies.
@karvan8109 Жыл бұрын
The video was very helpful, i have one question. What should be do if the total number of companies in the industry is 500 or more.
@OCCSFECON Жыл бұрын
Generally, the approach would be add the squares of market share of all firms. For example, if the market contained 500 firms, then the HHI is the sum of 500 market shares squared. The calculations with large numbers of firms are probably best done a spreadsheet (e.g. Excel or Open Office Calc) or using a program, for example Python or R.
@OCCSFECON Жыл бұрын
One follow up comment. If size of the industry is very large, it is extremely unlikely there is any significant concentration.
@harrygroundwater2590 Жыл бұрын
I have a quiz in an hour💀
@OCCSFECON Жыл бұрын
I hope you were able to pass your quiz.
@piyushmani314 Жыл бұрын
Thank you sir, had my Anti trust paper, this saved my day!
@OCCSFECON Жыл бұрын
Thank you for comment.
@ivangolmstok8768 Жыл бұрын
гнида
@OCCSFECON Жыл бұрын
I am sorry you did not find the video useful or interesting. I was hoping that you might finding a more positive way of expressing your opinion than using the term "woodlouse". I am thankful for you willingness to add a new word of Russian to my vocabulary.
@OCCSFECON Жыл бұрын
Thank you for watching. If you have ideas for other topics, don't hesitate to add them to your comment.
@jaqleenphan9334 Жыл бұрын
Super understandable!
@OCCSFECON Жыл бұрын
I am sorry I missed you comment. Thank you for watching.
@Mafano1990 Жыл бұрын
Thanks
@OCCSFECON Жыл бұрын
Thank you for the comment.
@jerrydolo-6936 Жыл бұрын
How can I inbox you
@OCCSFECON Жыл бұрын
I am not sure what you are asking.
@samahomar9562 Жыл бұрын
لماذا اختارنا 600
@Sidramajeedd Жыл бұрын
Thanks... This Video was helpful sir
@OCCSFECON2 ай бұрын
I am glad you found the video helpful.
@Sidramajeedd Жыл бұрын
your voice is like you are shooting this video on gun point.... waste of time
@talismende8481 Жыл бұрын
Where's the profit at?
@solaris527 Жыл бұрын
THANK YOU!!! I was thinking why it wasnt adding up and you helped me realize i was looking at the wrong column 😆
@norenedandoy216 Жыл бұрын
The easiest way to get MR = TR ( Total Revenue ÷ TP (Total Product)
@OCCSFECON4 ай бұрын
Thank you for sharing your suggestion. Your suggestion is actually the average revenue formula. Unfortunately, it only works for the scenario where the price of the good is constant, that is in perfectly competitive market. In a market with a monopoly, the price declines so the marginal revenue is not equal to average revenue. Suppose the following: TP Price TR Average Revenue= TR÷TP Marginal Revenue =(TR2-TR1) ÷ (TP2-TP1) is AR =MR? 1 30 30 30 NA No 2 25 50 25 20 No 3 20 60 20 10 No 4 15 60 15 0 No If we compare the results of using average revenue formula, as you suggested, and the marginal revenue formula the results are different. So, I am reluctant to recommend your suggestion to my viewers. Thank you for your willingness to share your thoughts.
@williminayatsallie1976 Жыл бұрын
your law of demand is wrong. increase in salary decreases labor decrease in salary increases labor
@OCCSFECON Жыл бұрын
Thank you pointing this out. I will review and make the corrections.
@xhaphe3808 Жыл бұрын
Thank you
@OCCSFECON Жыл бұрын
Thank you viewing the video. I hope it was helpful. If you have ideas for enhancing the presentation or new videos, please put them in comment section.
@doctorhamad21632 жыл бұрын
Thank you brother
@OCCSFECON2 жыл бұрын
I am glad you found the found video helpful. If you have some suggestions for future videos please let me know.
@clemsi75962 жыл бұрын
6x7 not 6x5 !
@OCCSFECON2 жыл бұрын
Hopefully, you found the video useful
@ekeverasinha83492 жыл бұрын
cute! Thanks Buddy.
@OCCSFECON2 жыл бұрын
Thank you for your feedback. If you have any suggestions for new videos. please leave a comment.
@kkmthedivine2 жыл бұрын
Thank you so much
@OCCSFECON2 жыл бұрын
Thank you for watching. If you have any suggestions from more videos, let me know.
@richardnxumalo90132 жыл бұрын
Thank you so much you really helped me ..I'm about to write my exam and I didnt know how to calculate marginal cost
@OCCSFECON2 жыл бұрын
Thank you for you comment. Good luck on your exam.
@molesataro95922 жыл бұрын
The Best explanation and well absorbed. Thank you very much.
@OCCSFECON2 жыл бұрын
I am glad the video was helpful.
@marka86882 жыл бұрын
Simple for simple minded people thank you! Love the examples
@OCCSFECON Жыл бұрын
Thank your for comments. Do you have any suggestions to make the videos better.
@Nishchalgaming02 жыл бұрын
Watchig in 2022
@shatishnaga64592 жыл бұрын
Tysm
@shohan9622 жыл бұрын
Sir how did you get the AVC and ATC??? Can u plz explain it??????
@27incubus2 жыл бұрын
Holy hell! This 7 minute video made me age 14 years.