Lecture 39(C): The Envelope Theorem: Shephard's Lemma

[@srijitaacharjee1853]

People like him are the best people on Earth and make me not lose hope on humans. They're a big example of education doesn't have to be profit oriented.

[@adawnswan]

Truly excellent - thank you for making this clearer. I've had such a frustrating time wrapping my head around some of these concepts, and your video really helped.

[@ArizonaMathCamp]

Thanks! Glad it was helpful.

[@ashoknarhar]

The way of presentations is fabulous. Enjoy ur lectures

[@ArizonaMathCamp]

Thanks, I'm glad you're finding them helpful.

[@sheikharfat1997]

Wow, never been more satisfied with a youtube video. 👍

[@ArizonaMathCamp]

OK, that's great! Glad it was helpful!

[@kalyanivinod1403]

Very well explained sir.

[@farhanhyder7304]

Great application of the Envelope theorem. I'm an electrical engineer but I was able to understand it.

[@ArizonaMathCamp]

Great! I'm glad you liked it. (Maybe you should become an economist!)

[@rumbidzaimuboko5310]

well explained thank you

[@prathameshjoshi5652]

very nice board ..like marvel movies

[@xh3221]

Well explained! Thanks!

[@ArizonaMathCamp]

Thanks for the positive feedback. Glad it was useful.

[@shauryabansal7104]

sir how you writing in the opposite direction. It appears straight from our point of view but for that you would have to write in the mirror reflection as you are facing us. Kindly explain

[@ArizonaMathCamp]

Writing on a glass screen, in the normal way, with camera on the other side, and then flipping the resulting video via software. Watch this: kzbin.info/www/bejne/d5XQY6WXpMiEkJY Matt Anderson uses a mirror in order to do a live presentation, but I flip it in post-processing.

[@shauryabansal339]

@@ArizonaMathCamp Thank you very much for taking the time to reply to my comment sir.

[@TweakBug]

Very helpful !!

[@johannaw2031]

Where does v come from? You call it the value function but it is not introduced. Is it the same thing as the utility function, in the consumer case? The value for the consumer should be the utility?

[@johannaw2031]

I think I get it. The value function is the same thing as the Lagrangian...

[@ArizonaMathCamp]

@@johannaw2031 No, this is not correct. Note that this lecture is an application of the Envelope Theorem. That fundamentally important theorem is presented in Lecture 38, and you will see the value function there. And there is a preceding lecture specifically about the value function (and the solution function) -- that's Lecture 36.