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Videos
Category: Video
B.8 Production maximisation
Description This video explains how production maximisation works, both from the analytical and graphical points of view. We start analysing production maximisation as the optimisation problem it is, followed by a graphical analysis of the optimum point of production. - Production maximisation must be seen as an optimisation problem regarding the production function, represented by isoquants, and a constraint regarding production costs, represented by an isocost line. Producers are theref...
Description This video explains how production maximisation works, both from the analytical and graphical points of view. We start analysing production maximisation as the optimisation problem ...
B.7 Marginal rate of transformation
Description This video explains what the marginal rate of transformation is, and shows its relationship with the production possibility frontier. We also analyse how the marginal rate of transformation determines the opportunity cost in production. - The marginal rate of transformation can be defined as how many units of good x have to stop being produced in order to produce an extra unit of good y, while keeping constant the use of production factors and the technology being used. It inv...
Description This video explains what the marginal rate of transformation is, and shows its relationship with the production possibility frontier. We also analyse how the marginal rate of transf...
A.14 Revealed preference
https://youtu.be/wRce8gItjSw Description This video explains how revealed preference theory works. We'll learn how to use both the Weak and Strong Axioms of Revealed Preference, in order to derive a utility function from consumer behaviour. - Revealed preference theory is attributable to Paul Samuelson, who developed the concept in his article “Consumption Theory in Terms of Revealed Preference”, in 1948. Consumer theory depends on the existence of preferences, which materialise into util...
https://youtu.be/wRce8gItjSw Description This video explains how revealed preference theory works. We'll learn how to use both the Weak and Strong Axioms of Revealed Preference, in order to der...
C.3 Short run cost analysis
Description This video explains how costs behave in the short run, and analyses when a company should start producing. - In the short run, fixed costs include capital, K, whereas labour, L, is considered variable. Fixed costs are usually represented as a horizontal line and do not vary whatever level of production we achieve. The video shows two phases. In the first phase (I), variable costs (and therefore total costs, seeing as fixed costs are a constant) grow slower than growth at first...
Description This video explains how costs behave in the short run, and analyses when a company should start producing. - In the short run, fixed costs include capital, K, whereas labour, L, is ...
C.2 Average and marginal cost
Description This video explains how average and marginal costs are calculated. Starting from fixed and variable costs, we analyse how average and marginal costs behave. - Average costs are those associated to one unit of production. Costs per unit grow quicker as production increases, so we find the arithmetic average as the sum of costs divided by the sum of production. Marginal costs are also a very important concept in Economics because they show costs at a very specific point in time:...
Description This video explains how average and marginal costs are calculated. Starting from fixed and variable costs, we analyse how average and marginal costs behave. - Average costs are thos...
C.1 Fixed and variable costs
Description This video explains how different types of costs affect the production process. We start by explaining the main characteristics of fixed and variable costs, and how these form total cost. Finally, we explain its relationship with returns to scale. - When analysing costs, the first thing to know is that there are fixed and variable costs: Fixed costs: fixed costs cannot be altered in short run. They mainly include things like rent, repayments on technology, etc., which require ...
Description This video explains how different types of costs affect the production process. We start by explaining the main characteristics of fixed and variable costs, and how these form total...
B.6 Production possibility frontier
Description This video explains how to build and analyse the production possibility frontier. We start by explaining the very basics about the production possibility frontier. Then, we show the relation between the marginal rate of transformation and the production possibility frontier. Finally, we explain how to use the Edgeworth box to derive the production possibility frontier. - The production possibility frontier represents the quantity of output that can be obtained for a certain qu...
Description This video explains how to build and analyse the production possibility frontier. We start by explaining the very basics about the production possibility frontier. Then, we show the...
B.5 Isocosts
Description This video shows what isocost lines are, and how important they are when analysing production. We start learning about the budgetary restriction they represent, and explain what happens when the cost of inputs change. - Isocost lines show combinations of productive inputs that cost the same amount. They are the same concept as budget restrictions when looking at consumer behaviour. In this case, r is the cost of capital and w is the cost of labour. Generally, we think of r as ...
Description This video shows what isocost lines are, and how important they are when analysing production. We start learning about the budgetary restriction they represent, and explain what hap...
B.4 Marginal rate of technical substitution
Description This video explains how to calculate and use the marginal rate of technical substitution. We start by learning how to calculate it, then move on to use it in order to properly draw isoquant curves and, finally, we analyse the marginal rate of technical substitution for different kinds of isoquants. - The marginal rate of technical substitution can be defined as, keeping constant the total output, how much input 1 have to decrease if input 2 increases by one extra unit. In othe...
Description This video explains how to calculate and use the marginal rate of technical substitution. We start by learning how to calculate it, then move on to use it in order to properly draw ...
B.3 Economic region of production
Description This video explains how to determine the economic region of production, using isoquants and isoclines. It also analyses marginal productivity of inputs, and how this may change the production process. - The economic region of production shows the combinations of factors at a certain cost that make economic sense. Areas outside the economic region of production mean that at least one of the inputs has negative marginal productivity. This region is marked by what are called ridg...
Description This video explains how to determine the economic region of production, using isoquants and isoclines. It also analyses marginal productivity of inputs, and how this may change the ...
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