Episode 19 - Indifference Curve Analysis

[hussein688]

Chuck Norris can choose point E.

[Me445ify]

hey mjmfoodie..

i love your videos.. they have really helped me.. do u have any video on law of equi-marginal utility also known as law of maximum satisfaction..??? please reply me soon as i have test coming day after tomorrow.. please..

[mjmfoodie]

@Me445ify Unfortunately, no -- that's a little beyond the principles level. But the basics of the concept (marginal utility per dollar spent on the last unit consumed is equal across all goods) are in Episode 18.

[Me445ify]

@mjmfoodie oh okay.... i already gave the test on my concepts hope it turns out good.. but thanks!! your videos are amazing..

[enrique1morelli]

Reading from book was soooo difficult...thanks 4 clear explantion

[AugustNocturne]

Can you explain income/substitution effects as components of the price effect?

And this is such a awsome video...fantastic simplicty...why do I always find it more complicated in my college text book?

[thelocked16]

thank you very much my teacher :) <3 from pakistan

[alarabiMajed]

thank u so much for this episode and the others, they benefit me a lot. god bless you.

[talmadhoun]

Thanks a million



[mbosco1000]

is there any video about giffen goods, and the income and substitution effect on them?

[mjmfoodie]

@mbosco1000 I speak about Giffen goods (also known as "inferior goods," which is what I called them in that episode) in the Demand vs. Quantity demanded video, I think...? Because this series is more at the introductory than the intermediate level, I don't get into specifics n income/substitution effects in the indifference curve model.

[Dannyisgreatful]

@mjmfoodie i thought a giffen good was a good whose demand increases as the price increases...

[mjmfoodie]

@Dannyisgreatful Nooooo.... it's an income thing, rather than a price thing...

[jaystorm23]

Awesome video!! :)

But a suggestion would be, when explaining y d consumer doesn't choose pt.d (9:05 - 9:29), u should also bring in d concept of rejection area (The area of the triangle,excluding only the hypotenuse). Its easier 2 grasp that way for first-timers...

[ibsrakesh]

I found this very useful

[dearnajeeb]

Very helpful video.. Thanks..

[studentecon]

This video is amazing. So simple and clear. You have a gift, please make many more econ videos.

[TheRone17]

Thank you so much .

[mobaccho]

is this on the AP exam? 

[TedEdFred21]

AHH 9:04 am i looking at an optical illusion? o.O

[TheBlackiwid]

I know see how we spend Money for business schools and econemy universitys for such 1x1 "Knowledge" ^^

So you simplefy so much, that it´s not true, its only in this siplified cooke world true.

Econemy schools instead should expand there ethics lessons, but you would only analise that in the same egoistic way: "how nice do you have to be to your empoyes to get not killed by them" or something like that.

In this Example if you eat 5 oder 10 burgers at a day you will not be happy very long.

[a00706162]

THANKS!! :D

[happyflea]

So this implies that people can only be infinitely happy if they have infinite money?

[mjmfoodie]

@happyflea It implies that people can be infinitely happy if they have no resource constraints (i.e., if there was no scarcity and we didn't have to make choices to begin with - it goes back to episode#2...).

So, strangely enough, for this simplified model, money CAN buy happiness...?

[helloandmee]

nice, thanks