Because the same labor-wage constraints still applies to all firms even though wages become variable with production quantity, and thus all forms will still produce such that the marginal cost is equal to the average cost in the long run equilibrium i.e. zero profits.
At 20:48 he says "I'm going to make this up to make the math easy". I guess to make the example easy so that the concept is understood, he used that function. In real life of course, we would need to derive it ourselves.
Right?? we live in a society sooooo indoctrinated by liberal media we need to people like Andrew Tate and Kenneth Olsen to protect our right as men. Keep fighting the good fight brother ✊✊✊✊
Thank you for subtitles, it's convenient!
Your videos are helping me pass my Econ class! Thank you~
37:00 very important conclusion
competition forces firms to minimize their average cost (with profit 0)
*A lot of chalks were harmed in making of this lecture*
This guy most have chalk stocks
But you ignored the profit sir.
This is amazing! Please do more videos like this :)
Thank you Professor ❤
Thank you MIT
Brilliant lecture.A lot of arithmetic is written on board though to explain the concept they are not always needed.
Thanks for the video
Chalk murder at 46:25
26:21 best conclusion ever
thank you for the lecture!!
From where the market demand curve Q= 48-p At 23:00 comes from ?
At 20:48 he says "I'm going to make this up to make the math easy"
There is *some* utility function + budget constraint, if you maximize for utility you can work your way to the Q=Q(P) relationship for a given good.
study this too but from 24:00
the total profit before tax was 35$ (п=3*30-(10+5*3^2)=35), wasn't it? Why does the professor say 30$ (5:24)?
It is the average cost for n =2
Has anyone figured out why supply curve goes up though profit is still 0 (the case at the end of the lesson)?
Because the same labor-wage constraints still applies to all firms even though wages become variable with production quantity, and thus all forms will still produce such that the marginal cost is equal to the average cost in the long run equilibrium i.e. zero profits.
so where is the Q=48-p from?
students where generally born in between 1999-2001 not in 1990)))
Thanks a lot for posting ????
MIT is an trade School.
how the demand curve he derived Q = 48 - p?
At 20:48 he says "I'm going to make this up to make the math easy".
I guess to make the example easy so that the concept is understood, he used that function.
In real life of course, we would need to derive it ourselves.
25:08 Does it apply to Perfect Competition?
Is this economics or macroeconomic cos i am looking for economics video
@@selmamalima this is micro economics
The link to Olsen's address: ruclips.net/video/9Pn_XuVrQU0/видео.html
I didn't know 1990 was 18 years ago. (from 2018)
I mean, he apologizes for his maths the whole time. Can't really blame the fella.
thats the only thing i dislike about this lecture: never apologize for maths!
RIP Ken Olsen. Here's the infamous speech: ruclips.net/video/9Pn_XuVrQU0/видео.html
26:54 Ken Olsen won't watch this: he died in 2011
Bro writes on the board like his life depends on it
When the professor got going there around the 4th min I thought he was going to say "fuck you science" like in 21 jump street
ken olsen is dead. He probably won't watch this
28
I'm think how is this guy managing not to get cancelled by the woke mobs...
Right?? we live in a society sooooo indoctrinated by liberal media we need to people like Andrew Tate and Kenneth Olsen to protect our right as men. Keep fighting the good fight brother ✊✊✊✊