You are literally such an AWESOME GABULOUS WONDERFUL teacher and I'm so glad u posted these videos. They're literally SOOSOSOSO helpful. Would've failed if it weren't for u. Ur literally the best teacher ever I wish u were my teacher ur literally so awesome psllsls continue posting these videos they're sosososoos helpful and ur j so pure and ilysmm thank youu
May I ask if fixed costs and variable costs are included in explicit costs, then total cost curves, average cost curves and marginal cost curve only represent the explicit costs excluding the implicit costs, while the normal profits, subnormal profits and supernormal profits deduced from the diagram by using cost and revenue curves should include the consideration of implicit costs? Thinking about it for like a whole day, really looking forward for your answer or someone see this please help me out, thx a loooooot!
Y s Diminishing returns is a situation that occurs only in the short run. Diseconomies of scale is the disadvantages a firm reaps due to its growth, which occurs in the long run, so no. But that’s a great question.
@@AS-ie3lf ah yeah because in the long run a firm wouldn't have diminishing marginal returns as they can increase land which is fixed only in SR and is the source of diminishing marginal returns right? Thanks for replying!
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns? 🙏 Someone please reply
wil your vids help me in CIE may june 2019? im giving Economics A2. i got D in AS because i wasnt prepared at all. I am planning to buy your 2nd edition and do my best practicing and all. but will it help me cause im doing CIE.
mehul jain It depends, but I can give u an example. For land, usually a business must give a notice in advance that they are going to close down. If, for example, they decide to close down today, they will still have to pay rent for the next 6 months (depends on the contract). For capital, it is a lot more variable. However, it takes quite a bit of time to buy machines, so possibly something like 2-3 months.
it's curved because fixed costs (for example rent) is being spread out over more output (goods produced). e.g: say rent is £100 if u produce 1 good, Fixed cost=£100 if u produce 5 goods, Fixed cost=£20 if u produce 10 goods, Fixed cost=£10 remember in the video: AFC = TFC / Q (output) and if you plot them on the graph with the correct axis, you'll see that it's naturally curving.
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns? 🙏 Someone please reply @alex playle
can someone tell me the difference between the law of diminishing returns and the law of diminishing marginal terms in the most simple way possible. Thank you
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns? 🙏 Someone please reply
helped me during year 12 and still helping during my first year Econ degree. I love u. keep posting.
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This bro is so underrated, he is good at this! I am gaining so much information from these videos
omg the AVC explanation blew my mind- no teacher has ever explained it with law of dimishingreturns it makes so much sense holyyyy
You are literally such an AWESOME GABULOUS WONDERFUL teacher and I'm so glad u posted these videos. They're literally SOOSOSOSO helpful. Would've failed if it weren't for u. Ur literally the best teacher ever I wish u were my teacher ur literally so awesome psllsls continue posting these videos they're sosososoos helpful and ur j so pure and ilysmm thank youu
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This is soooo timely you have no idea - THANK YOU
will this help for CIE?
i have no idea whats the difference between Exdcel and CIE and Alevels? ugh
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Your such a good explainer, now I won't have any problems in drawing TFC & TVC diagrams
love the vids bro they really help me when revising for my up coming a levels
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econplusdaddy
Thank you for these videos. They're super helpful for my studies.
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whoever has this guy as their teacher is guaranteed an A*
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May I ask if fixed costs and variable costs are included in explicit costs, then total cost curves, average cost curves and marginal cost curve only represent the explicit costs excluding the implicit costs, while the normal profits, subnormal profits and supernormal profits deduced from the diagram by using cost and revenue curves should include the consideration of implicit costs? Thinking about it for like a whole day, really looking forward for your answer or someone see this please help me out, thx a loooooot!
Ty
oh yeah yeah thanks a lot for the vid
I love you bro
Yes lad
So does this oinly refer to csots thatoccur in th short run>??? Thanks.
are diminishing returns a diseconomy of scale?
Y s Diminishing returns is a situation that occurs only in the short run. Diseconomies of scale is the disadvantages a firm reaps due to its growth, which occurs in the long run, so no. But that’s a great question.
@@AS-ie3lf ah yeah because in the long run a firm wouldn't have diminishing marginal returns as they can increase land which is fixed only in SR and is the source of diminishing marginal returns right? Thanks for replying!
Y s exactly 👍 and no problem
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns?
🙏 Someone please reply
wil your vids help me in CIE may june 2019? im giving Economics A2. i got D in AS because i wasnt prepared at all. I am planning to buy your 2nd edition and do my best practicing and all. but will it help me cause im doing CIE.
Siddhartha Mishra Official check your exams specifications
Can anyone tell what exactly is short, medium and long term ? ( in terms of number of years)
mehul jain It depends, but I can give u an example. For land, usually a business must give a notice in advance that they are going to close down. If, for example, they decide to close down today, they will still have to pay rent for the next 6 months (depends on the contract). For capital, it is a lot more variable. However, it takes quite a bit of time to buy machines, so possibly something like 2-3 months.
❤
is that AFC supposed to be a straight line or is it a curve
it's curved because fixed costs (for example rent) is being spread out over more output (goods produced).
e.g:
say rent is £100
if u produce 1 good, Fixed cost=£100
if u produce 5 goods, Fixed cost=£20
if u produce 10 goods, Fixed cost=£10
remember in the video: AFC = TFC / Q (output)
and if you plot them on the graph with the correct axis, you'll see that it's naturally curving.
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns?
🙏 Someone please reply
@alex playle
@@kaibaing4288 do you still look for the answer?
can someone tell me the difference between the law of diminishing returns and the law of diminishing marginal terms in the most simple way possible. Thank you
Is it not the same thing?
How to calculate TVC if I have total fixed cost ?
@@z1957 Thanks
Is "Total variable cost" affected by law of Diminishing returns or is it only the "Average variable cost" which is affected by law of Diminishing marginal returns?
🙏 Someone please reply
TVC is affected by the law of DMR and so as a result AVC is also affected by the law of DMR
papi
Ty
no