Videos by Travis Klein, providing answers and examples to economics homework questions. Mostly from AP Microeconomics, AP Macroeconomics, Principles of micro or macro, MBA program economics, and managerial economics.
I take video requests at econexamples@gmail.com
You can also hire me on Wyzant at: www.wyzant.com/Tutors/econexamples
Hey, really liked the video🙌! I'm not really sure if it is the best time to ask but, I was wondering if I could help you create a better distribution by working on post-production like better storytelling through Edits, Keywords, think catchy intros and outros, or even some engaging short clips! Would love to chat if you're interested and keep creating good content:)
Then you just take the partial derivative of that function to find its MC. For example, if the cost function is 3q^2 then its MC is 6q. You can send me the problem you are working on and I'll look at it.
Actually, in economics price is usually placed on the y-axis even though it's not the dependent variable. Excel probably picked up on that (because of the notation like P, Qd, Qs) and that is why price appears to be on the y-axis despite being located where the independent should normally be on your table there.
2. Ralem Enterprises Ltd is a firm producing leggings and fittings and its faced with a cost function of ; TC=1/8Q3-4Q2 +20Q+40, given the value of Q as 20,calculate the following i. VC ii. MC iii. AFC iv. AVC v. ATC
I got started on this, but there's gotta be a mistake in the way its written here. What's the first part of the equation? Is it TC = 1/8 (q^3) or TC = 1/8q^3 in otherwords, is the q^3 in the denominator of the first part of the equation?
I've worked this a few times now and it has to be written incorrectly. VC at q20 is negative, which it can't be. VC = 1/8(20*20*20) -4(20*20) +400 = -200 Can't be. Can you recheck the formula for me?
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Hahaha, oh that slime thought guy. Sorry I meant time value of money calculations, I've been working on those recently. But that guy deserves to be dropped a knowledge bomb on. @@econexamples
Someone sent me that one as an example they wanted to see. I can generate my own if I wanted to. Is there something you'd want to see? Like a video using those formulas in Excel?
@@econexamples Oh yea that would be great, I tried looking around on your channel and noticed your other Excel videos, I would be grateful if you could.
@@christusrex334 I'm an economics instructor and tutor. I make these videos to help students. You can do almost anything with Excel, what are you studying?
@@econexamples i'm from the UK studying business and economics as a degree, I know excel is a great tool just you are more informative than some of the materials given in lec🤣
Thank you. My professor way of teaching had me confused after watching this and doing everything how you demonstrated… I finished my graph in minutes … thank you
There are a few ways. ATC*Q will give you TC. It can also come from a word problem, like "A firm always pays a $100 license fee, then pays $10 per unit, what is the total cost of 12 units?" Or finally, you can find it from the TC function. They are often written like TC=$1000+4q^2, then just plug in the value for q and solve for TC.
Hi what if the question gives the population of ; the labour force, total of employed individuals, unemployment, and labour participation. how do we find the working age population? i tried searching and watching vids but i still cannot find the solution
Well the problem has to tell you how many children and seniors there are, somehow. Generally, adult population is the difference between population and labor force. Can you show me the numbers, either here or email me at econexamples@gmail.com
hey man, not sure how often you upload but I like the stuff on the channel. any chance you could go through solving first order conditions of a multiple regression model, finding the min value? not sure if I've worded this well enough but hope it reaches you.
