Deriving Marshallian and Hicksian Demand Functions (Compensated and Uncompensated Demand)

[@bruno2011gmail]

I've learned more on this subject with this video than in an entire semester at college. You rock!

[@HaroldWalden]

Hahaha, thanks for taking the time to leave a positive comment 🤓

[@rachaelyav4787]

Cap

[@hashbrownpotato9283]

Video came out 6 years ago and still helping me in Econ 300 today! Thank you so much Harold!

[@HaroldWalden]

It’s amazing how these videos continue to help people. I am so glad I put the effort into making them all those years ago. Hopefully they can continue to help people into the future. 🤓

[@rajibtechbangla9665]

When my teacher gives the lecture, i cant understant it, it had been very difficult for me to undestand the topic,from your lecture, now it is easy for me

[@HaroldWalden]

Great to hear the video helped!

[@dalgron]

You literally have the best micro videos on KZbin.. Thank You!!!

[@HaroldWalden]

Thanks mate, I really appreciate you taking the time to write a positive comment ❤️ it means a lot

[@margaretrakhadani5086]

True that

[@Easynimics]

Now it's very clear to me.I think you are the best of the best teacher.When it was being taught in my university,I didn't understand.Thank you, sir.Thanks for your contribution.

[@HaroldWalden]

That’s really nice to hear, thanks mate. I have been trying to make more videos but work and moving house has gotten in the way recently. Make sure you subscribe to the channel, I need all the help I can get :)

[@ricardoms2072]

thanks a lot, my consagrated, you've just saved a young teacher's life from Brazil!

[@HaroldWalden]

Haha, no worries. Glad I could help 🤓

[@b-y6014]

😂 lol

[@maiden5427]

Teacher 🤣🤣🤣

[@redeem_Africa]

you've done what my lecturer couldn't do he couldn't give us clear understanding but you've done it

[@HaroldWalden]

Glad I could help mate! Maybe you should show your lecturer my content. Just to give him another method for describing the concepts. :)

[@stacy171]

Loved it... It still baffles me how I couldn't derive these functions before. Thank u so much. Easy explanation, easy calculations. God bless you!

[@HaroldWalden]

Thanks for the positive feedback, I really appreciate it :)

[@extrospective]

Harold, you are a legend. You've really helped myself and my peers in our mid-term exams! All the best, Zak

[@HaroldWalden]

That’s great to hear, thanks for taking the time to leave a positive comment I really appreciate it.

[@theblasko]

The best explanation on the subject I've seen.

[@HaroldWalden]

Thanks for that man, I appreciate the positive feedback, if you have any ideas for future videos, don’t hesitate to let me know. Thanks again :)

[@Elias_Shovon]

I should have given you my tuition, your a perfect teacher 😊

[@HaroldWalden]

I’ll send you my bank details 😉

[@augustomarquez9932]

Excelente explicación...gracias por su esfuerzo y lo animo continuar realizándolos.

[@HaroldWalden]

Thanks mate, I really appreciate it :)

[@rensverbeek2412]

Great! Clearest video about this topic on YT !

[@HaroldWalden]

Thanks man! I really appreciate it! if you need any other topics explained and you like the way I do it let me know, I am always looking for new video ideas :)

[@Sumia-yd1ex]

Thank you so much you really helped me to understand this.

[@mouradmadouni8277]

Thank you. It's clear and helpful.

[@tiagooliveira7694]

Perfectly explained, thanks!

[@HaroldWalden]

Glad I could still be of use

[@juozasgerulaitis9694]

Great video! Keep it up, keep on making videos like these. Undoubtedly, your hard work will payoff.

[@HaroldWalden]

Thanks man, it is really nice to get positive feedback. Just got to keep on keeping on. Do us s favour and tell your mates about me. That would be fantastic :)

[@tomcasacci8951]

Fantastic explanation, thank you so much!

[@mannyocansey7330]

You are the GOAT!

[@HaroldWalden]

Thank you for the positive feedback, I really appreciate it. If you want my opinion, @3blue1brown is the Tom Brady of mathematics-related content on KZbin.

[@arefemamian]

Thanks a lot your teaching method is perfect

[@HaroldWalden]

Thanks for the nice words, I really appreciate it. If you’re having trouble with any of these topics, just let me know. I am always looking for new video ideas. 🤓

[@arefemamian]

@@HaroldWalden that's really kind of you, actually there are less videos commented MRS or preferences about monotonic transformation of utility function like your amazing methed teaching with basic sample. I think I just can learn economics with your method

[@HaroldWalden]

@@arefemamian Again, that's very kind of you. But just so you know, if you are having difficulty with any specific problems, let me know and I would be more than happy to try and put a video together on it. Until that time, keep enjoying your economics :)

[@pf6918]

wow thank you for making it so easy and clear. love your videos!

[@HaroldWalden]

You’re welcome, thanks for taking the time to leave positive feedback :)

[@mohammadhasibemran5955]

a gentleman made this video

[@HaroldWalden]

Thanks mate, I did the video a while ago, I am really glad it is still helping people.

[@aliemusoit2919]

Thank you so very much for simplifying this.

[@HaroldWalden]

So glad I could help.

[@kalkidansemegn7537]

Thanks for your fruitfull explanation

[@HaroldWalden]

No worries, thanks for taking the time to leave a positive comment. I really appreciate it 🤓

[@ronishsoubam]

Thanks a lot it was very very helpful

[@HaroldWalden]

No worries, I am glad the video helped 🤓 Thanks for taking the time to leave a positive comment. I really appreciate it :)

[@terrykabaya3439]

This was perfect Thank You!

[@HaroldWalden]

Glad you liked it :)

[@aleja_kosmonautów]

Well explained, you made it easy :)

[@HaroldWalden]

Cheers, really glad you enjoyed it :)

[@adhrisyachandran2675]

Great Vedio. Well Explained.... Your Vedio supports me alot in my studies...

[@HaroldWalden]

I am glad it helped 🤓

[@HaroldWalden]

Please do me a favour, subscribe to my channel and let all of your friends know about me. As a small channel, I need all the help I can get :P

[@adhrisyachandran2675]

Harold Walden sure.👍

[@HaroldWalden]

Thnaks :)

[@stanleyswoloquelli6190]

Thanks mehn, lot of ideas i got from here..

[@HaroldWalden]

Good to hear, thanks for the positive feedback :)

[@boljosephlual5763]

Well elaborated . Thanks you sir

[@HaroldWalden]

Glad to hear that the video helped 😊

[@AbdulHameed-gx5zz]

Very well explained😊

[@HaroldWalden]

Thanks mate, I appreciate the positive feedback

[@HaroldWalden]

Had a few positive comments on these compensated and uncompensated demand derivations using the method of Lagrange. Fairly important that you know how to do this stuff if you want to continue towards a career in microeconomic modelling.

[@ajaj420]

hey good job your videos are very helpful , don't mind the views and don't give up, your channel will grow exponentially, you really explain thoroughly. Thank you , hopefully i ACE my midterm .

[@HaroldWalden]

I hope you did too! Let me know if you need any help with anything, I am always looking for new video ideas :)

[@TÔMTIÊNYÊN]

Thank you, great work

[@HaroldWalden]

Glad you liked it!

[@AbdulHameed-gx5zz]

Very well explained

[@HaroldWalden]

Thanks :)

[@Kirwa_alexander]

super good explanation.

[@HaroldWalden]

Thanks man! Always good to get positive feedback :)

[@yekalfire6491]

Smart explanations

[@jawwadashraf6184]

Very helpful❤

[@HaroldWalden]

Glad it was helpful!

[@huseyinalupveren3768]

Harold you are probably contributed my knowledge on economics more than my professor. Really appreciate. but i have a question: i lost my second good(y) in first order cond. process so i only can find the x and not the y. what should i do if i lost one of my goods in lagrange process?

[@dalkeiththomas9352]

THANK YOU VERY VERY MUCH

[@thinthinyu7352]

thank you sir. very helpful

[@dogaelbizim5906]

thank you so much this helped a lot!!!

[@HaroldWalden]

That’s really good to hear! Thanks for taking the time to leave a positive comment, I really do appreciate it 🤓

[@李蜚雨]

great video! it helps a lot! thank you so much~

[@HaroldWalden]

Thanks for leaving a positive comment. I really appreciate it 🤓

[@pushpakawijewardena9803]

i like it,really clear

[@HaroldWalden]

thanks, I appreciate the support :)

[@tapaswinimishra1226]

very clear, thank-you

[@HaroldWalden]

I am glad the video helped :)

[@hehehe9618]

What if the utility function = x^2+y^2? The answer would be the same since the constants will be cancelled out?

[@HaroldWalden]

Check out this video I did, I feel like it may help answer your question. kzbin.info/www/bejne/pWrGfH-JoKZ5ZtU Let me know if you need any more help :)

[@nourkarim2721]

Hi, thank you so much!! your videos are really beneficial. Can you please make a video on compensating variation and equivalent variation. and how we calculate them.

[@HaroldWalden]

That’s a good idea, when I get a moment, I’ll put one together and give you a like if you like. 🤓

[@nourkarim2721]

@@HaroldWalden yes that will be great

[@normanoloo2089]

How do you handle the Marshallian Demand functions whose solution to Lambda doesn't contain either x or y (the bundles of goods)?

[@franciscogallardo444]

very good video.

[@sinaseyfi5194]

You are awesome!

[@HaroldWalden]

No... you are awesome! Thanks for stopping by and taking the time to leave a positive comment, I really appreciate it 🤓

[@catherinechen2455]

thank you so much!

[@devangeib7864]

Hey Harold, Great video! Quick question: after you do the partials for each demand function, we get to y= and x=. What are x and y telling us? You mentioned something about MRS... is that the equation for MRS for good x? And once the x and y are optimized (with *) those are our demand functions for those goods right? Lastly, where does the lagrange multiplier come into play? We use it to set these up but it doesnt come up again? What does lambda tell us in these problems? Thanks so much!

[@bruno2011gmail]

Well, I can answer the MRS stuff: basically, solving this problem through Lagrange is one way to look at it. The other one is MRS=Px/Py (keep in mind that MRS is equal to marginal utility of X/marginal utility of Y, meaning you derive partially with respect to X and Y, and take MUx/MUy = Px/Py), and taking the results of this process and applying them to the budget constraint will give us the Marshallian demand for good X or Y, depending on which one you isolate. That is why he got to the MRS equation for good X in the middle of the process. I have never tried the MRS process with the Hicksian demand, so I'm not sure if it works or if you can only solve it through Lagrange. As to the Lagrange multiplier, It sure has an economic meaning, which I still do not know :/ Anyway, I know it's been 11 months, but maybe this might help.

[@ellinah9663]

Well explained thank you

[@HaroldWalden]

Thanks, I appreciate the positive feedback :)

[@realkosherpork9223]

Is there a difference between them when deriving perfect substitutes?

[@shehaniwanniarachchi2808]

Thank you so much

[@HaroldWalden]

No problem 🤓

[@benjaminabraham3506]

Good explanation

[@HaroldWalden]

Cheers mate, glad it helped. :)

[@NicoBlackstar]

Great video! Could you please tell me for this two goods is gross substitute or gross complement? net substitute or net complement?

[@HaroldWalden]

Sorry it has taken a moment to respond, i have been crazy busy on my end. Have a look at this explanation: economics.stackexchange.com/questions/4579/gross-substitutes-vs-net-substitutes

[@capitol7760]

Thank you very much!!

[@HaroldWalden]

Glad I could help 🙂

[@HaroldWalden]

Capitol if your looking for anything that I don’t have videos on make sure you let me know. I am always looking for new video ideas 🙂

[@tapaswinimishra1226]

plz upload some videos on numerical problems on CV and EV,on S.E. and I.E.,thank you

[@HaroldWalden]

If you can be more specific that would really help :)

[@HaroldWalden]

@tapaswini mishra I would love to but I have no idea what your referring to with those acronyms 😢

[@chloeding5098]

I think the first two stand for compensated variation and equivalent variation

[@HaroldWalden]

Thanks I’ll have a look and see what I can do!

[@arunkumarsabar7906]

Sir I am a bigener ,why Lagrangian function is used in such cases?

[@sanaroz1178]

Thanks 😊

[@barnitasinha4499]

Thank you so much !🙂🤗...

[@HaroldWalden]

No problem, glad the video helped 🤓

[@saodmalik1093]

Thanx sir. Well delivered the lecture but one request...... Plz move the mouse less and according to the need.

[@HaroldWalden]

Thanks for the feedback mate. It is a common complaint. I have made an effort to improve it in my more recent videos 🤓

[@abc-vd1id]

Loved it

[@HaroldWalden]

Great to hear that the video helped 🤓

[@gbplegendfx]

Thank you

[@nurehh2271]

Thank you!

[@HaroldWalden]

No worries mate :)

[@sundayagbonjinmi6773]

Thanks for this video. However, kindly assist with this below request Marshallian and Hicksian derivative function is needed with (X1 and X2 with power)raise to power function is needed.

[@thebunny09]

Thanks

[@josephphiri3868]

Do you have a whatsapp group where we can forward questions? This video was really beneficial thanks alot.

[@HaroldWalden]

I have an email address: [e-mail]

[@MrKamilof4]

great job!!!!!

[@nailnaili1073]

شكرا

[@HaroldWalden]

مرحبا بك :)

[@BlahzenFX]

what happens if god 1 has a number lets say max u = 5x^1/2 how would you solve dl/dx??

[@danielnboakai4342]

Educative

[@HaroldWalden]

Glad I could be of assistance. Thanks for watching :)

[@skiinsk8]

u are great skateboarder, educator and economist :) i want to be like u

[@HaroldWalden]

Thanks mate, there are not enough ways that I can like this comment. Just keep doing your own thing and don’t listen to anyone who tries to pigeonhole you - that probably the best advice I can give. :)

[@omerbalala8703]

Thanks a lot, very helpful! :)

[@HaroldWalden]

Thanks, glad you liked it.

[@aysuoncu533]

thank youuu

[@scholarshipanalyst]

thanks bro

[@HaroldWalden]

No problems 🤓

[@gideonsemeki5283]

HELPFUL

[@HaroldWalden]

Glad it was :)

[@maggiewu9946]

britain?

[@HaroldWalden]

I live in Australia.

[@purnimadas6750]

Indian

[@HaroldWalden]

I think you’ll find I am from Australia mate. 🇦🇺

[@hillarykoranteng3058]

Thanks so much

[@JoanNamutebi-dc2nh]

Thanks

[@HaroldWalden]

No problem, it’s my pleasure 🤓

[@lulumbimulenga947]

Thank you so much