I would really like to thank you for your videos. Your teaching style is absolutely great, you talk with a steady pace which allows us to have a second to process what you're saying. I am glad to be subscribed to you, i am truly grateful, thank you! :)
Thanks for your comment. It is always a struggle to judge the right pace for the videos. In a classroom it is easier because students can ask questions and even ask me to slow down. I am adding more tutorials all the time and going from introductory all the way through the Calculus proof. So more to come.... I also have channels on Statistics, Algebra and Calculus. You can see links to all those on our Facebook Fan Page (see link in video description). Thanks again!
Thank you for the feedback. It is always a struggle for me to determine the pace because the audience on RUclips is so large and so diverse in its background. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help other students find the educational videos.
The purpose is just mathematical. Sometimes the equations are easier to work with when they of the form Qd = 10-1/2P it is easier to get the quantity if you have the price. The opposite is true if you are trying to find price and know quantity. It would be easier to work with P= -2Qd+ 20. This form is easier to find the slope because it is in the y = mx+b format.
That is a good question. The short answer is no the demand curve is the derivative of the utility function. The demand function is derived from indifference curves and budget lines (something that is taught during consumer theory).
Thank you for the great video! I will definitely check out your other pnes as I am an econ major dying in college. My question is does the inverse demand curve look exactly like the regular demand curve? Since it's just a change in perspective.
You are very welcome indeed! Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
Really great video, good pacing. can i just ask what the purpose of switching between the equation of the demand curve and the inverse demand curve is? Is there some other purpose to use one over the other rather than for graphing purposes (like you said, putting the equation in the y = mx + b form, making it easier to understand)?
Happy to help get rid of your headache. Make sure that you like MyBookSucks on Facebook (see link in video description). This will help others from cracking there head :)
how do you know WHEN to use the inverse function and when not to? arent they the same? my question is asking for the c in Q=c+dP (The general equation of the supply curve) and they somehow rearrange the function in terms of P, but why Can't I find c with the function in terms of Q? (P and Q are given)
James Moore James online classes can be a real struggle. Please let me know if there are videos you wished I had or you need to complete your online course. This will help me create videos to help you and other students.
Will do it's more the book is the issue it will show you how to do a problem but leave out the first part because it assumes you remember it from your classes years ago. The only other videos I can think off of the top of my head would be a review for example 6^2 is different then ( 6)
So, when you are given, for example, a demand function (where the slope is always negative), the demand function tells us for some price level, we are looking to find how much the demand is. However, when we find the inverse of a demand function, this is telling us, to get a certain level of demand, we need to be at whatever price point. Is this accurate? If so, then does the same logic apply to the supply function and the supply inverse function?
Good video, one thing I don't really understand... Why do we call them an inverse when they're simply the same equation but just re-arranged differently? Surely an inverse would imply that the actual demand and supply graphs would change.
Thanks Micah, but I'm still confused about this. How did this equation Qd=50-.25P became this inverse demand function P=200-4Q. Can you please explain the logic behind it?
+Olushola Bunmi Abayomi Qd-.25p=50,-.25p=50-Q;::::::Divide both side by -.25 then you get 50/.25=200 and p stand for 1, so 1/.25=4 thats how you get the inverse of P=200-4Q
We know that the slope of a downward curve is negative and we also know that quantity, Q=a+bp. In this function why does the slope b have a positive sign?
Kien D It is easier to see how quantity changes when the price changes (or when the slope of the line is price). Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess It will help others find the videos.
I would really like to thank you for your videos. Your teaching style is absolutely great, you talk with a steady pace which allows us to have a second to process what you're saying. I am glad to be subscribed to you, i am truly grateful, thank you! :)
xunit94 Wow! Appreciate your kind words. Party More Study Less!
Thanks for your comment. It is always a struggle to judge the right pace for the videos. In a classroom it is easier because students can ask questions and even ask me to slow down.
I am adding more tutorials all the time and going from introductory all the way through the Calculus proof. So more to come....
I also have channels on Statistics, Algebra and Calculus. You can see links to all those on our Facebook Fan Page (see link in video description).
Thanks again!
So confused at 2:56, if you want the 2 from the 2Qd to go to the other side, don’t you divide that, instead of multiplying with 1/2???
Thank you for the feedback. It is always a struggle for me to determine the pace because the audience on RUclips is so large and so diverse in its background.
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help other students find the educational videos.
great video! the visuals are VERY clear. i appreciate your clarity and the pace.
The purpose is just mathematical. Sometimes the equations are easier to work with when they of the form Qd = 10-1/2P it is easier to get the quantity if you have the price. The opposite is true if you are trying to find price and know quantity. It would be easier to work with P= -2Qd+ 20. This form is easier to find the slope because it is in the y = mx+b format.
That is a good question. The short answer is no the demand curve is the derivative of the utility function. The demand function is derived from indifference curves and budget lines (something that is taught during consumer theory).
Thank you for the great video! I will definitely check out your other pnes as I am an econ major dying in college. My question is does the inverse demand curve look exactly like the regular demand curve? Since it's just a change in perspective.
Great to hear and I hope it helps you pass your exams.
this was actually super helpful. i think you can afford to take the algebra at a bit of a faster pace though if you like
You would solve for P. Subtract 200 from both sides of the equation and then divide by - 8. Make sense?
Thanks so much. Was cracking headache before this. Feel much confident now
You are very welcome indeed!
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
Really great video, good pacing. can i just ask what the purpose of switching between the equation of the demand curve and the inverse demand curve is? Is there some other purpose to use one over the other rather than for graphing purposes (like you said, putting the equation in the y = mx + b form, making it easier to understand)?
Happy to help get rid of your headache. Make sure that you like MyBookSucks on Facebook (see link in video description). This will help others from cracking there head :)
love this video I had to watch it 3x -I got it the first time but I thought it was worth a 2nd look
how do you know WHEN to use the inverse function and when not to? arent they the same? my question is asking for the c in Q=c+dP (The general equation of the supply curve) and they somehow rearrange the function in terms of P, but why Can't I find c with the function in terms of Q? (P and Q are given)
I was simply told...you find the inverse of the generally given supply and demand function to simply denote the price and quantity values 😗... simple
The video is very good helps a lot taking an online class biggest mistake I ever made.
James Moore James online classes can be a real struggle. Please let me know if there are videos you wished I had or you need to complete your online course. This will help me create videos to help you and other students.
Will do it's more the book is the issue it will show you how to do a problem but leave out the first part because it assumes you remember it from your classes years ago. The only other videos I can think off of the top of my head would be a review for example 6^2 is different then ( 6)
Sorry hit send by accident meant 6^2 is different then 6 to the power of 2
Thanks! I am also looking for ways to describe the numbers that are part of the equation if you have any videos with that info?
So, when you are given, for example, a demand function (where the slope is always negative), the demand function tells us for some price level, we are looking to find how much the demand is. However, when we find the inverse of a demand function, this is telling us, to get a certain level of demand, we need to be at whatever price point. Is this accurate? If so, then does the same logic apply to the supply function and the supply inverse function?
to find the efficient price and quantity, can you set the inverse supply = inverse demand then?
Good video, one thing I don't really understand...
Why do we call them an inverse when they're simply the same equation but just re-arranged differently?
Surely an inverse would imply that the actual demand and supply graphs would change.
Finally understand what i did wrong, thanks!!
What is the concept of putting those equations in its inverse form? Is it so you can solve for the slope of the curve
Thanks Micah, but I'm still confused about this. How did this equation Qd=50-.25P became this inverse demand function P=200-4Q. Can you please explain the logic behind it?
hello
+Olushola Bunmi Abayomi Qd-.25p=50,-.25p=50-Q;::::::Divide both side by -.25 then you get 50/.25=200 and p stand for 1, so 1/.25=4 thats how you get the inverse of P=200-4Q
We know that the slope of a downward curve is negative and we also know that quantity, Q=a+bp. In this function why does the slope b have a positive sign?
You are exactly right!
Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
Opps! Thanks for pointing that out. I will redo and reload the video. Thanks again.
hi...why do we need to use an inverse demand function when we have already a demand function? thanks..
Kien D It is easier to see how quantity changes when the price changes (or when the slope of the line is price). Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess
It will help others find the videos.
How would you graph this if you don't know the price? For example, I have a demand function: P=7-2Q and a supply function: P=4+Q?
Thanks for the videos. Can you show the steps how Qd=10-1/2p became p= -2Qd+20? Thanks.
At 1:52 you say, "When quantity supplied it equal to 5" when in fact you mean "quantity demanded".
What is the slope of the supply curve and why Isn't it in the supply equation?
that's fantastic news! youtube will always need more math help! :P
can you do Cournot Oligopoly proofs?
what's the inverse demand function for Qd=570-7P
I want to know how to come up with equations
Please can you help out with this equation?
p= a*q+b
Thank you so much!
great vid!
Thanks! If you book sucks like MyBookSucks on FB (see link above).
Thank you!!
I cant see your video
you sound like harvey spector
Saved my ass
awsome
thanks a lot sir.
I'm kind of annoyed that it is this easy and I have been racking my brains due to a poor explanation I was given..........Yes....My Book Sucks!!!!!!
Oops... been doing this wrong all my life
Thank you so much!