Your video helped a lot! Clear explanation.Thank you! Unfortunately, my English listening skills is not prominent, so I turned it into 0.75x speed and it became perfect haha
Thank you for uploading great video!! Unfortunately I have some question to you. IS (Jack and Mary)'s production is one hour?? If they work longer than should i draw joint ppf graph much greater??
A good question. The PPF is drawn for some fixed level of resources - I don't think I specified but it could be any time - 1 hour, 8 hours. If we increase the time we have, the maximum amount of each good we could produce changes. This would make the PPF longer and taller - i.e. we would shift the PPF out.
Hi! I think I understand your question but I'm not certain. - I think mx+b can work: if we understand b = vertical axis intercept = number of vertical axis good we can make if we allocate all of our resources to the production of that good. Plus, the slope of the ppf is equal to the opportunity cost of making the horizontal axis good. So I think it could work if we can get that information. Does that help?
@@econhelp_official I thought it's gonna be -mx+b because the rate of slope, m=-1/3 and -2/3 so... This is what I mean. Actually, I had no background in economics and maths and I've started learning last month so I have some doubts about it too and yeah I'm kinda dumb in econ and maths too.
Oh yeah, I don't include the negative when I write the general form. I don't think your dumb at all! Have faith in yourself, it's really good that you are thinking abut things in lots of different ways!! Economics is heaps of fun!!
So a supply curve relates the price of a good (P) to the quantity traded(Q) - in essence it is a representation of the behaviour of suppliers in a market. The PPF is not really about markets, (I mean kind of, at a pinch in some examples we can talk about trade... but really for the most part...), it's just a representation of the various combinations of levels of production that are possible, given the resources that an economy (or person) has. Does that help?
I think this will help? ruclips.net/video/Cn0iKlxKfZQ/видео.html The actual prices will depend on the opportunity costs, basically, each opportunity cost acts as the limit of the possible prices. For some good, the person with the comparative advantage will sell that good to the person who does not have a comparative advantage. The minimum price they will accept will be their opportunity cost of production. The person without a comparative advantage in that good will buy, and their opportunity cost of production will be the maximum price that they will pay for the good. I hope that helps!
I'm not quite sure! The analysis is done given a set of resources (so 8 hours in the day for instance). If we increase or decrease these resources then this will change how much both of the parties can make which will end up shifting the curve. I'm not sure if this is what you were after, I hope it helps! :)
I was actually just found your videos because I'm trying to do my econ homework thats due tonight but the graph Im supposed to make only includes the labor hours so Im so confused. do you have a video working something out like that@@econhelp_official
It’s not the total product of labour curve? See here; The Relationship Between Total Product of Labour Curve and the Short Run Cost Curves ruclips.net/video/Oi7pZWqeqS4/видео.html. Alternatively, is it that you have information about the marginal product of labour and need to find the ppf?
Thank you very much!!!! This video is worth more than 10 slides of what my college professor gave me
You're very welcome! Professors can be so confusing! Good luck with your studies :)
Taking AP Macro and your lovely voice on explaining this really helped, thank you!
That's so nice thanks so much for the comment! I hope that your study has gone well! :)
Your video helped a lot! Clear explanation.Thank you! Unfortunately, my English listening skills is not prominent, so I turned it into 0.75x speed and it became perfect haha
Thanks so much! You are my first comment! So glad the video helped and good luck with your studies :) :)
Thank you for uploading great video!! Unfortunately I have some question to you. IS (Jack and Mary)'s production is one hour?? If they work longer than should i draw joint ppf graph much greater??
A good question. The PPF is drawn for some fixed level of resources - I don't think I specified but it could be any time - 1 hour, 8 hours. If we increase the time we have, the maximum amount of each good we could produce changes. This would make the PPF longer and taller - i.e. we would shift the PPF out.
Thanks! super helpful
Glad it helped! Good luck with your study!!
Thank you. This really helped with my assignment!
Glad it helped! Good luck with your assignment!
Your voice is really nice! And your explanations are so clear :)
Thank you! 😃 my mum says that about my voice too haha Good luck with your study!
Thanks for sharing it helped and useful.
Thanks so much for letting me know, I'm so glad the video helped!
Wow, this literally solved the concept I've been struggling with in the past hour. Thanks!!
Glad it helped Tiffany! Good luck with your study!
Salute to The goddess of Econ
❤️❤️❤️
this was very helpful, thank you so much
You're very welcome! Thanks for the comment and good luck with your studies!!
Very helpful, thank you!
I'm so happy the video helped, thanks for watching and for your comment! :)
Can i use the linear equation formula -mx+b to identify the unit??
Hi! I think I understand your question but I'm not certain. - I think mx+b can work: if we understand b = vertical axis intercept = number of vertical axis good we can make if we allocate all of our resources to the production of that good. Plus, the slope of the ppf is equal to the opportunity cost of making the horizontal axis good. So I think it could work if we can get that information. Does that help?
@@econhelp_official I thought it's gonna be -mx+b because the rate of slope, m=-1/3 and -2/3 so... This is what I mean. Actually, I had no background in economics and maths and I've started learning last month so I have some doubts about it too and yeah I'm kinda dumb in econ and maths too.
Oh yeah, I don't include the negative when I write the general form. I don't think your dumb at all! Have faith in yourself, it's really good that you are thinking abut things in lots of different ways!! Economics is heaps of fun!!
I am doing my hw now. Thx. You video was helpful!
That's great news, thanks for your comment! Good luck studying!
wow, it finally makes sense. thank you so much!
I’m so glad! Stay safe friend 🙂
Thank you!
Your welcome! Good luck with your study 📚
Thank you very very much!
Thanks so much for your comment good luck with your study!! 👍😁🙏
So what would be the supply curve?
So a supply curve relates the price of a good (P) to the quantity traded(Q) - in essence it is a representation of the behaviour of suppliers in a market.
The PPF is not really about markets, (I mean kind of, at a pinch in some examples we can talk about trade... but really for the most part...), it's just a representation of the various combinations of levels of production that are possible, given the resources that an economy (or person) has.
Does that help?
is it possible to find the relative price of a radio and tv for each person in this case?
I think this will help? ruclips.net/video/Cn0iKlxKfZQ/видео.html The actual prices will depend on the opportunity costs, basically, each opportunity cost acts as the limit of the possible prices. For some good, the person with the comparative advantage will sell that good to the person who does not have a comparative advantage. The minimum price they will accept will be their opportunity cost of production. The person without a comparative advantage in that good will buy, and their opportunity cost of production will be the maximum price that they will pay for the good. I hope that helps!
what if inputs are 3? what will curve look like
I'm not quite sure! The analysis is done given a set of resources (so 8 hours in the day for instance). If we increase or decrease these resources then this will change how much both of the parties can make which will end up shifting the curve. I'm not sure if this is what you were after, I hope it helps! :)
just so you know you saved me from failing my international trade investment exam 🥺🥺🥺🥺
Congratulations on passing your exam!!! Thanks for the very nice comment, I'm so happy I could help ❤️
how do you find the opportunity cost? the link in your description isnt working
Calculating Opportunity Cost
ruclips.net/video/ciju8hN3ius/видео.html thanks for letting me know!
I was actually just found your videos because I'm trying to do my econ homework thats due tonight but the graph Im supposed to make only includes the labor hours so Im so confused. do you have a video working something out like that@@econhelp_official
I don’t I’m sorry! If I get time during the day (I’m out atm) I’ll try to find some resources that might help, and I’ll link them here
It’s not the total product of labour curve? See here; The Relationship Between Total Product of Labour Curve and the Short Run Cost Curves
ruclips.net/video/Oi7pZWqeqS4/видео.html. Alternatively, is it that you have information about the marginal product of labour and need to find the ppf?
Bon chance
Merci!
ok
Thank-you so much!
Are you Monica?
Yes Paras! Good luck with everything I hope that you enjoyed the class!