Deriving the Long Run Marginal Cost Curve

Hi everyone, in this video I discuss deriving out long run marginal cost curve. In order to understand the derivation of our long run marginal cost curve, we need to understand the derivation of our long run average cost curve as the lower envelope of the firms short run average cost curves, although I go through a quick review here, you might want to look at my more in depth video on finding the Long Run Average Cost Curve here: • The Long Run Average C...
If you are already comfortable with deriving the long run average cost curve, you can just skip straight to the second part of the video.
0:50 Finding Long Run Average Cost Curve
3:23 Finding our Long Run Marginal Cost Curve
6:17 Two Features of our Long Run Marginal Cost Curve
About why our Marginal Cost Curve intersects our Average Cost Curve at it's minimum: • Why the Marginal Cost ...

[@mohamedabdou-salami]

Thank you so much. Short, sweet and very helpful.

[@econhelp_official]

Thanks for the comment, that's so nice thankyou!

[@strawberrysnowflake3891]

Thank you for your phenomenal explanation ☺️. Just a quick question, what book would you recommend for undergrad microeconomics?

[@econhelp_official]

You're welcome, thanks for the comment and for watching! There are so many good books. I like www.routledge.com/Essentials-of-Microeconomics/Nguyen-Wait/p/book/9781138891364, there are a few typos (watch out especially for a couple of typos around the section where they explain derivatives) but I like this book because it's small and concise. There are no case studies or long discussions, it's quite to the point, and so for the basic theory, it's much easier to study than the bigger books. If you want something meatier, I've recently been using Karlan and Morduch, www.mheducation.com/highered/product/economics-karlan-morduch/M9781260225310.html. I have the second edition. I think it's quite comprehensive and concise. The diagrams are pretty neat. from what I can see I only disagree with their treatment of the LRAC curve and its connection to returns to scale and economies of scale (though I disagree with a lot of people about this particular topic!). I haven't gone through this book in detail though, but I do often go to it if I want clarification. The last resource that is good is this one: ecampusontario.pressbooks.pub/principlesofmicroeconomicscdn/front-matter/about-this-book/ and this one. Online resources are often good because errors can be changed quickly in the digital format. So if it comes from a good place, it's often more reliable than a paper book, because any errors have already been changed. I will say though, sometimes curriculums can be quite specific, in which case it's best to concentrate primarily on the texts suggested by your lecturer.

[@strawberrysnowflake3891]

Thank you so much for replying!

[@chandraniathapaththu9489]

Thanks for the help😊

[@econhelp_official]

No problem 😊 Good luck with your study, thanks for the comment!!