The convex hull is the smallest convex set that can encompass a certain set. The convex hull of a convex set is just the convex set, but the convex hull of a set that isn't convex is larger than the actual set. I think the joke is that geometrically, an object without a convex hull is unthinkable, making the requirement ridiculously redundant.
@pigberto ussually in economics we use different production and indifference curves which are supposed to be convex. What we implied supposing convexity is that the more you use one factor of production (or consume one good) the less marginal production (utility) you can get out of it. The thing is if you make a graph of it, you can see it sort of has the shape of a hull. Hope it asnwers you something, I'm sorry for any mistake, English is not my native lenguage :)
@pigberto Convexity is a property that describes a function... it's actually more a mathematical joke than an economic joke because it's more of a mathematical concept economist (and students of economy such as myself) use to find a way to mathematically describe the behaviour of consumers and producers.... hope it helps you
"if you're a keynesian, make sure to turn off the stove" "the republicans are destroying america cookbook by paul krugman" "eat more, weigh less: secrets of the laffer curve diet"
The convex hull is the smallest convex set that can encompass a certain set. The convex hull of a convex set is just the convex set, but the convex hull of a set that isn't convex is larger than the actual set. I think the joke is that geometrically, an object without a convex hull is unthinkable, making the requirement ridiculously redundant.
@pigberto ussually in economics we use different production and indifference curves which are supposed to be convex.
What we implied supposing convexity is that the more you use one factor of production (or consume one good) the less marginal production (utility) you can get out of it.
The thing is if you make a graph of it, you can see it sort of has the shape of a hull.
Hope it asnwers you something, I'm sorry for any mistake, English is not my native lenguage :)
My daughter is suffering through freshman econ at Willamette University. They should just have Yoram teach the class!
@pigberto Convexity is a property that describes a function... it's actually more a mathematical joke than an economic joke because it's more of a mathematical concept economist (and students of economy such as myself) use to find a way to mathematically describe the behaviour of consumers and producers.... hope it helps you
@pigberto I guess it's a production function joke.
5:55 Nice jab at Greg Mankiw!
Brilliant
That was brilliant.
@pigberto a choice set in economics is usually convex ....
"if you're a keynesian, make sure to turn off the stove"
"the republicans are destroying america cookbook by paul krugman"
"eat more, weigh less: secrets of the laffer curve diet"
@eacans Congrats, you proved my point.
@eacans I feel genuinely sorry for you.
funny video!