Introduction to Indifference Curves and Budget Lines Economics

[@sanahusain5235]

at 1:29, I think the correct term would be diminishing marginal utility, whereby consuming more and more beef you start enjoying it less and less.

[@randev1988]

Wow! This is one of the easiest to follow lectures that I have ever listened to! I had real trouble understanding this material and spent nearly 5 hours trying to learn this stuff & you explained it and made me understand it in 10 minutes. You are an excellent teacher! Please keep up the good work.

[@Black182heart]

REQUEST REQUEST ..can u please do a video on decomposition of price effect into income effect and substitution effect for normal.inferior and giffen goods

[@muhammadakhlaq3606]

i am really thank youful to economicfun teacher by the help of your vido i got 4 CGPA thank very much my dear sir respected sir

[@pcase34]

I don't often comment on videos, but yours are the best. Thanks!!

[@asunabest582]

Only a Genius can make an intimidating lesson into something understandable and easier to grasp. Thank u so much.

[@rebekahndanu1293]

Best online tutor you really made things easier for me 👍👍👍

[@LMW-ms7dw]

This video series really helps me. Perfectly described. My lecturer's explanation had no sense at all. This is really helpful. Thanks a lot

[@user-gi8fs6xl5o]

I have been following you for the last 4 years,your way of explanation is way better than my teacher.Btw why you are not making videos?

[@economicsfun]

Well that is great to hear and I appreciate the feedback. International econ can be a difficult class for sure. I do have a few other videos on International Econ to. KZbin does not allow me to post links... so you can see the videos on my channel economicsfun. "Single Country Gain From Trade - International Economics" "An introduction to Edgeworth Box Diagram" good luck in your class too!

[@nidaali1637]

Sir first you mentioned the slope of the budget line as rise over run (py/px) then (px/py). This is the confusion I face while considering the slope like which one is to consider. Your reply is much awaited, thanks for the lovely video though.

[@concernedcitizen3476]

10 years later.....NA is gripped by a polar assault and I love the sounds of the birds chirping in the background.....the lesson is very good too. Thanks

[@sirjcurry2182]

Great video. Got suddenly more complex at 2/3 way point when the Algebra got more complex. Consider adding a link to Algebra tutorial related to video or Text over video that explains the Algebra in more depth. Thanks.

[@sungaethinley]

Thank you so much for your video. It is really helpful. Your voice is so soothing to hear. Appreciated Sir. Keep up. From Bhutan.

[@economicsfun]

great question and yes all the values with the same utility would be on the same curve. The way most textbooks put it is utility is constant along a indifference curve. I need to point out that all the values with same utility when I revise this video.

[@klhmia]

Great video, everything is much clearer now. However, there is one point that you make which I'm curious; "Utility is a *function* of consumption" - I would argue that Utility be a *derivative* much moreover a function... seeing as how a function is defined as a role or purpose in something (noun), rather than the received happiness or satisfaction as you and I would describe from the consumption (ie; eating a steak). Thank you for the video!

[@yamax1]

This is so clear . Many thanks. My microeconomics exam will be in June. Great job !!!!Keep it up.

[@cherieminn2673]

Dear Teacher David you're so good in explaining the fundamental of a subject in a very clear manner...i wish you can make Calculusfun series ❤️🤗💯🎈

[@padhakoobytamanna]

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[@economicsfun]

Thanks. I always appreciate hearing my videos are helping students learn.

[@AsgharKhan-fd1ul]

thank you for your untiring efforts. The budget line also shifts if the price of both the goods changes simultaneously, please correct me if i am wrong. Thank u

[@randev1988]

Yes, Sir! I am going through the entire playlist on Consumer Theory. In one of the videos you said, "study less and party hard." Because of your videos, I now know the material and can party hard! (Many of the other micro topics that you have posted will be covered in class, so I plan on watching them as well). Thank you for taking the time to making these excellent videos.

[@ZungRing]

You are the best economic lecturer! Thanks a lot for taking time to do this amazing graphic work and share it. You are born to teach!!!!

[@mikooou]

You sir are making an insane amount of sense.

[@cmao6440]

Wow wat a grt lecture

[@sheilawidjaja7331]

Thank you so much for your videos. It is very easy to understand. You have made it easier to understand from the illustrations and enactment of your diagrams. Please keep posting. I'll be requiring more of your videos throughout my university years. :)

[@economicsfun]

Wow! You have very good ears. I often leave the back door of my office open and that is the sounds of nature in my yard.

[@MrHyde_evol]

great video you made the information very easy to digest and then made the correlations

[@economicsfun]

Good to hear. I have been updating and improving my videos on Consumer Theory and I have an entire playlist on it too (see link in video description).

[@viciousvixenx]

This really helped me through my homework. Thank you

[@090078601a1]

viciousvixenx

[@tantalizing8]

Which video is the next class

[@simranmendonca5393]

it was so helpful. thank u so much . very nice explantation

[@laycat]

really helpful, explain even more better than my professor

[@economicsfun]

Good to hear and good luck in your classes too. I have often thought that economics lends itself to animations.

[@economicsfun]

Thanks for the feedback. Make sure you check out the playlists on economicsfun too. The formula for total utility is the sum of all the goods and activities you consume or participate in. Often in economics it is written as U = f(X,Y).... where Utility is a function of consuming combinations of x and y. This is very simplified! The point is there is always a trade off when trying to pursue utility (happiness).

[@gopalthapa2677]

Thank you very much. It helped to maximized my study satisfaction.

[@economicsfun]

You will have two equations 36 = (x+2)(y+1) and 11 = xPx + yQy ; the question is do these two lines intersect. Since the price of x (Px) and the price of y (Py) both are 1, the equation becomes 11 = x + y. Now graph these two equations.

[@johng1907]

Thank you very much for the awesome lecture Sir, but the thing that I still don't get is how you construct an indifference curve. Because the optimum consumption bundle is where the Indifference Curve=Budge Constraint, right? And of course, the Budget Constraint is the representation of all the bundles we can get with our Income, right?. So how about the Indifference Curve, where is it derived from? And how can we measure how much utility we get from consuming a bundle?

[@mjmfoodie]

Um - may I point out that "More is preferred to less" and "Diminishing MU" are not one and the same, and that in fact the Law of Diminishing MU leads to a direct contradiction of the "More is preferred to less" assumption, unless you specify that you need to rule out MU

[@swedilli]

Extremely good job! Excellent!!! Wow, i really love your videos! I'm starting with an International Business program and i'm totally lost sometimes, you explain sooooo good, i wish i could have you as my teacher!! I have a microeconomics exam tomorrow, i hope i pass, i'm gonna watch all of your videos now. Oh I have to tell you, with this video i got extremely hungry hahaha

[@Nomkeitathompson]

Thanks simplifying the concept! Appreciated!

[@CzechRiot]

These birds were relentless...

[@israelbenjiz1818]

beautiful explanation, very simple to understand

[@F.E.E]

Thank u for existing I hope to pass the test

[@lolot9169]

YOUR VIDEOS ARE PURE MAGIC!!!

[@CP3clippernation]

Question, does all the values with same utility value lie on the same indifference curve on the graph? I'm little confused, thanks.

[@ruthsamuel9513]

Had a nice understanding thru this video in addition to the knowledge I had,,fantastic

[@economicsfun]

Thank you very much. Very cool Avatar you have for yourself. The official tag line is "Party More Study Less" but in your case it could be "Lift More Study Less." Good luck in your classes too.

[@adzman5967]

when modelling the budget for potatoes and steak what do x and y represent. The quantity of potatoes/steak consumed ?

[@dakotarobb8264]

at 8.00 when you find the slope of the line, why does it equal to -1/2 not -2. isn't it supposed to be the change in Y over X (Y/X)?

[@freerider3842]

If we base the changes in Y and X to the origin, the change in Y is 100 units while the change in X is 200 units. So change in Y over change in X is 1/2 but due to the fact that the line is sloping downwards, we then have the slope as negative. (Or, we can also have (0-100)/(200-0) = -1/2)

[@freerider3842]

My bad, i replied to a comment 3 years ago haha...I supposed you were able to figure the answer to your question a long time ago already. Peace.

[@Khu6ai6]

@@freerider3842 Hahaha.. hoping that he is graduated now..

[@freerider3842]

@@Khu6ai6 I do hope as well hahaha

[@rocky0el]

I think you made a mistake at 5.43. Its 5x + 10y. your videos are good, keep it up !

[@economicsfun]

@mjmfoodie Do you prefer beans or steak? OR Chicken. And how much steak would you be willing to give up to get some potato.

[@folklore2]

Really good video (especially liked the flame and sparkle reveals for steak and potatos :P), very informative. One improvement, could you include the link to the next lesson/video in the comments or as an annotation at the end of the video?

[@lakevustunna]

Thank you tomorrow and this is really going to help.

[@riehitsuji3968]

I'm going to present this to my economics class.... Great vid! Thanks.

[@sylviasterr]

Very organized...easy to follow. Awesome job!

It is Useful for my visas, thank you Sir.

[@user-pi9cu6sy2d]

this was very helpful. thank you very much

[@babymadelynn]

Great presentation! What program did you use for this? It helped me understand budget lines a lot more than how my professor explained it. Thanks!!

[@Hotboiruben2]

Thank you for helping me understand these concepts. My professor is terrible.

[@economicsfun]

Thanks! The ones production theory and cost theory are better (at least I think so).

[@DashCamsMTL]

Really and truly helpful. Best regards.

[@prosperityvictoria6010]

Great video ! Very comprehensive Can you share with me what software you use and how you do the videos?

[@economicsfun]

Prosperity Victoria I use a lot of different software including adobe flash, illustrator, final cut, garage band and a few others. Each minute of video takes about 8 hours to put together.

[@dharamveergaud2653]

it's a good way to get economics easily.

[@adusumallivenkateswararao5368]

very easy to learn by your lecture

[@The-Crazy-Coonass]

This helped me teach my A2 class thanks

[@MultiIaccept]

Thank you man! I wish you all the best!

[@labrat7396]

Watching from 2020. Heard you cough and was worried you had the covid-19. Then I checked the date LOL

[@jenifernyo1551]

Can you explain in detail the meaning of more is better than less? Thanks.

[@eslameassa1728]

i need video like that but more easy to explain the edgeworth box with easy way i see what video u r uploded befor but i can't understand any thing

[@economicsfun]

Happy to help with your utility! Make sure you like MyBookSucks on Facebook (see link in video description). This will help others find the educational videos.

[@edlynemurono4983]

So helpful, it has really helped me,thanks alot

[@maggieleungmeiki]

Good presentation!

[@shellll100]

Thank you so much. I love your video

[@lionboy3928]

what is your website called please because i want the second part to the "introduction to indifference curves and budget lines economics" video. the first one was great btw!! but please direct me to number two ... thanks

[@yamax1]

Thanks, I will review the chapters and let you know....Many thanks again and again-)

[@Hermoshaful]

I cannot find any videos related to marginal benefits and marginal costs, I wonder of you have any

[@economicsfun]

You are very welcome. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

[@pokovacica]

Can You, please, show me where is the next video.. how to conect the budget line and indifference curves? Thank You very much

[@farhadfarzam4]

thank you so much , it was really helpful and I learned a lot

[@economicsfun]

@ItsGJPA appreciate the positive feedback.

[@ohemgeexoxo]

amazing! thank you for breaking that down. it all makes sense now.

[@anythingcanhappen84]

Nice. Great video

[@economicsfun]

You are welcome. Make sure you like MyBookSucks on FaceBook (you can see the link in the video description). This will help me spread the word about the videos.

[@economicsfun]

@Zk1f3r Well I have started calling myself "Professor of the Universe" and the internet is my classroom. btw, where do you go to university?

[@stones967]

igcse economics tmr.. time to start revising

[@predgit]

excellent vid mate !

[@AllaahuAkbar60]

Hello sir can you explain about calculating expected value and expected utility , Jazakallah Khair..

[@shaniapeters8590]

Thank you so so so much this was extremely helpful !

[@TheASSASSIN51]

thank you exquisitely explained

[@blecktita8832]

goodness dis is great! thanks a great deal ,was more than helpful

[@economicshonorsmastersstud265]

Good video. I like it

[@economicsfun]

I just added a link to a playlist that includes budget lines. It would be the fourth video in the playlist. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.

[@economicsfun]

Appreciate the positive feedback! Good luck in your class and make sure you like MyBookSucks on FB (see link in the description of the video). This will help others find the videos.

[@thebracken123]

Great video man, thanks.

[@lkdsamte4910]

Very good. Keep it up bro!

[@padhakoobytamanna]

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[@padhakoobytamanna]

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[@thisismyacc]

Man I wish you were my teacher, the current one I have now goes off topic, and we get nothing done. :/

[@economicsfun]

@enrequendjoe No not Irish - American. Grandfather was Irish though.

[@vmaks007]

excellent video

[@victoreffendi7459]

It's so helpful. Thank you so much!!!

[@economicsfun]

Victor Effendi You are very welcome. If you get a chance like on FB (www.FaceBook.Com/PartyMoreStudyLess), share, like the videos, and subscribe. It helps others find the videos.

[@economicsfun]

I am in the process of updating my economics channel. If there are topics you would like to see covered, that you need for your june exam, then please let me know.