Episode 26: Perfect Competition

[sanjitnarzary]

Ur genious buddy...tnXx a lot..!!

[violinbonbonnie]

ThXXXXXXXXXXXXXX. You save my life. I luv you!

[LOLCOPTER]

"the entry only stops when there is no more profits to attract the sharks" :D

[0204MrK]

I LOVE YOUUU that made this!

[Ostrichplant]

GOD. BLESS. YOU

[tonylahh]

you-"sounds good rite?"

me-"Right!" :D

you- "WRONG"

me-> T_T

[tonylahh]

thankyou, really helpful

[21xiaolin]

Great video, explanation. Thanks.

[pakipantha]

PAJ HOLDEN IS THE BEST TEACHER ON ECONOMICS ; WAY BETTER THAN MJM FOODIE :P

[MioWonng]

Nicely done :)

[notwithoutmilk]

And when she say profits will equal to zero, I assume she means economic profit is equal to zero.

[mjmfoodie]

@notwithoutmilk yes, indeed.

[nikikinja11]

your videos are absolutely amazing!!! cleared up all my doubts in no time at all!!! =D thank you so much!! if a ace my exam tmr it'll all be thanks to you!!!!! =D

ps: i cant quite seem to find your videos on returns to scale and economies of scale... do you have them?

[mjmfoodie]

@nikikinja11 So far, I have covered returns to scale only in passing in the production and costs videos.

[AqusPak]

THANK YOU SO MUCH

and i love your voice

[cninu]

THANK YOU SO MUCH!!! i have a final tomorrow and i cant fail! This is EXTREMELY helpful :)

[MrSkeff]

thank you for this. i have a final tomorrow in my course and am utterly hopeless at economics (perhaps being irish has something to do with it!) but this has been quite helpful.

[mjmfoodie]

@MrSkeff I hope it isn't anything to do with being Irish, as I have a substantial amount in the family tree...

[MrSkeff]

@mjmfoodie i hope youre right too! its gas the trouble weve gotten ourselves into with the ECB/EU and so on! so many college students studying economics now though which is good; should be able to make better decisions in future..... thanks again for posting this video, helped me a lot in my final :)

[EveryoneLovesNelmo]

You have no idea how helpful you are! Your 7mins explaination was more helpful than my lecturer was this whol year! Thank you! :)

[LukasLeonardoRoth]

Great Video beats the explanation of my crappy econ lecturer!

[CasHCreeW]

well done !!

[daferzlol]

So what is type of company would be considered as more perfect competition Blue Jeans or eggs... Sadly I chose jeans on my quiz... But i think its eggs now.

[mjmfoodie]

@daferzlol definitely eggs.

[kieranace]

@daferzlol lol. economics fail.

[pljehyun]

OMG your graphs are SOOO BEAUTIFULL great vid

[leocharnel]

That is really interesting. Thank you!!!

[gracem1015]

you make this SO much easier than my professor who is old and senile. hopefully this works for my exam tomorrow. thank you!

[alexleecheeseng]

Why is it that MC will always intersect ATC at its lowest point?

[mjmfoodie]

@alexleecheeseng If MC is above the average, it pulls the average upward; if it is below the average, it pulls the average downward -- so any time before the intersection, ATC is being dragged downward; any time after the intersection ATC id being dragged upward -- only where MC crosses ATC is the ATC neither decreasing nor increasing.

[168tiffany]

thanks heaps ! that helps alot ! :D

[jesseck9]

You offered the best and simple economics which i have even seen;-)

[Carterv3]

How can long run profits always be zero when short term profits can be made, since long run is a series of short runs?

[mjmfoodie]

@Carterv3 Because in the short run, no one else is entering, until they see your profits -- which tempts them into the market to compete with you. That's what drives your profit to zero over time.

[Carterv3]

@mjmfoodie :)

[zave94755]

Thanks for the video! It's great for my A level revisions.

[ChrissGT]

That helped a bunch! Thanks you. Great video.

[sperdoj]

extremely well done. A little fast maybe, but it's great for a review.

[robeckh]

thanks very useful

[aaabbbccc6511]

thnx for the video

[binhleo]

very useful for my assignment !!

[24Keshan]

In 6:59, why have you stated ATC=AVC?

[mjmfoodie]

@24Keshan In the long run (defined as the production period in which all costs become variable), there are no fixed costs because there are no longer any fixed resources. Therefore total cost and total variable cost are one and the same.

[carzychick12]

@mjmfoodie under long term equilibrium, how would the industry adjust following an increase in fixed costs that affects all firms in the industry?

[flyscope]

Brilliant!!! Thank you so much

[TITANIUMMJA]

Excellent, purely excellent

[wacastervids]

this video is amazing! You need to improve your keywords to more will find it