Cost-Benefit Analysis- Micro Topic 1.5

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Hey internet! This is Jacob Clifford. In this episode I explain explicit and implicit benefits and costs. I also define utility and explain the idea of cost-benefit analysis.
The answers to the practice questions are in the comments below. Be sure to let me know how you did on the quiz AND if you understand why the guy that went to his girlfriends movie still picked teh option that he wanted to do. Also, let me know how much you would accept for your dog (or cat or parakeet). Thanks for watching my econ video. You rock!
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• Dionne Farris - Hopeless

Опубликовано:

28 авг 2019

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Комментарии : 120

@JacobAClifford 5 лет назад

The answers to the practice questions are below. Just click on "Read more". Be sure to leave a comment and let me if you understand why that guy was wrong about the movies. 1. D 2. E 3. D Thank you for subscribing!

@siyuanzhang5131 4 года назад

that guy forego the fiction movie for potential future benefit with this girl. It's implicit cost that's not monetary or tangible but intrinsic and inherent with his "utility", or "happiness". Correct me if I'm wrong!

@itschrispytv 4 года назад

@Michelle Lucic Peggy is giving up 12,000 dollars that's she would have been making from the entire year of not having to go to school, and she is also paying 4600 dollars in order to attend community college.

@rodrigojimenez5629 4 года назад

Hey Jacob> ! i dont agree with your answers . I believe in the first case oportunity cost of atending college is 12.000 per year ( or lets say 24.000 ). And the oportunity cost of attending the concert should be 40 . I mean you are considering explcit or direct cost as oportunity cost as well. I mean , the hole equation of "economic cost" may be 90 bucks for atending the concert but only 40 bucks should be consider as the oportunity cost. Am i right?? i didnt get the second question , probably luck of english skills. best!

@Fleur_2desert10 4 года назад

Jacob Clifford i got it right yayy!!! Thank you for the course well explain in less than 10 minutes .

@sydnamon5986 4 года назад

@Michelle Lucic You add instead of subtract

@aarushsharma9817 4 года назад

Something that helps me for calculating the total opportunity cost is: what you pay + what you give up = total I know that is a method that many people know and obviously Mr. Clifford explained it super well. I just found it much easier to do the questions when I outlined this step. Thanks for all the videos they have been super helpful!

@bettybada7693 Год назад

Thank you!

@cpcheats2003 5 лет назад

Just dropping in to say that your ultimate review packet was worth every penny! :D

@andreea1324 2 года назад

thank you from the bottom of my heart, you are an amazing, outstanding teacher

@benuriwickramarathne5443 3 года назад

Thank you very much for these free resources! Your videos keep me interested in learning Econ despite my boring lecturer at college haha

@cheeplestase9936 4 года назад

Passed the BEC section of the CPA exam in part thanks to your material. Thanks!

@guccigav7912 5 лет назад

The boyfriend accepted the cost today in return for a benefit in the future (hopefully with interest adjusted)

@rodrigojimenez5629 4 года назад

actually , the boyfriend perceived a higher benefit on seeing her girlfriend enjoy the movie she liked , (or just in avoiding a potential argue), than the benefit he perceived on actually enjoying his movie of choice. In terms of costs, the boyfriend perceived a higher cost on letting her girlfriend down than in watching a bad movie.

@CARLOSFRANCO1000 4 года назад

Un bon week-end mon cher Jacob... ♫ avoir beaucoup de joies ... ♫♫ J'aime ta vidéo ..

@kenny9582 5 лет назад

I'll be taking AP Macro starting Wednesday. This should be pretty interesting.

@KK-yj7lb 5 лет назад

Thank you for the super helpful video :)))

@thisguycanskate 5 лет назад

THANK YOU THIS HELPED ME SO MUCH

@kelvinhau7320 5 лет назад

I bought the 12$ videos and study guide a year ago. I am now taking microeconomics again in college. The playlist i bookmarked does not exist anymore. Guess I'll need to hunt for the videos in the right order.

@mohamedmagdi3910 5 лет назад

Missed your videos alot ❤❤❤❤

@abluckyi 8 месяцев назад

1. D 2. E 3. D PS: Awesome video. the explanations made everything so easy to understand.

@XMegaJuni 3 года назад

this guy is my hero

@maratmammadov6672 3 года назад

thank you Mr Jacob.C

@user-cc3gb5or1b 3 месяца назад

Your teaching is amazing. Of course Economics always seems easy when you read it, but then when it comes to exams ooh it is hard.

@senya1696 4 года назад

good job Jacob

@Sora-Mi 5 лет назад

I still have the 20 billion Zimbabwe dollar you give me when you visited Charlotte!

@yeswordintellectacademy4213 3 года назад

Preparing for University. So far so good, looking forward to the entire program!

@QuestEconomy 3 года назад

"If you went to school today" Does Zoom count?

@celestepaerels915 4 года назад

Could anyone help me with quiz questions 1 and 3? Isn't the opportunity cost the next best option (which in the case of question 1 is the job with the offered salary of $12,000 per year)? Or is the opportunity cost both the implicit and explicit costs?

@meghanamohanty236 3 года назад

Please do indifference curve and consumer behaviour!

@meisaak 2 года назад

I was half expecting a copy of the notebook to be on the wall

@braggison9331 3 года назад

i am currently making a quantitative research paper for school and my teacher advised me to do a cost-benefit analysis for my chosen topic. he told me to look it up in the internet, but i can't find articles for it. help omfg

@wisanikenny5097 4 года назад

He made the decision because he weighed the cost of her getting angry at him and the benefit of pleasing himself by watching what he wanted to watch. Obviously, if he forced watching what he wanted to watch, she'd get angry and he'd have to apologize, perhaps even spend money he would otherwise save for other things; the cost was higher than the benefit. So it doesn't disprove that fact because he actually wanted to please his girlfriend.

@natalieyam1494 2 года назад

are implicit and explicit costs added together the oppourtunit cost, or is oppurtunity cost just the next best thing im kind of confuised

@joybudiana 4 года назад

In Pop quiz number 3, Karen's opportunity cost is $40. How come the ticket expense ($50) is added too? I thought opportunity cost means the cost of the next best alternative. When the $50 is added to the $40, doesn't it become total economic cost?

@maxcadilha2490 3 года назад

In opportunity cost you have to factor in all variables that have a cost. Karen gave up 4 hours of work in which she could have been paid $40 so she could attend a concert that cost her $50. She essentially lost $90 for the opportunity to see the concert

@kyrafreeman58 4 года назад

pray for me i’m 3 minutes away from my test 😖

@TheSaneInternational-SNI 3 года назад

Hope you aced it.. I am too late btw..

@avantikas.3646 5 лет назад

are these videos and the ultimate review packet all updated for the new ap micro curriculm??

@JacobAClifford 5 лет назад

Yes. YES

@dokuladakshayani91 2 года назад

Thank you sir

@vedikajainnahata9333 3 года назад

which movie clip was it?

@larakesik357 3 года назад

thanks!

@GustavoSilva-ny8jc 13 дней назад

4:52 But what if i want to do something but CANT do something, what if i want to stop a severe bleeding but im not a doctor? What if my 2 options are set by others (and they both suck)? You want to something different but theres nothing you cant do.

@subhiyoussef5317 5 лет назад

whiching your vido maximizing the utilty to time good luck

@solitaparati68 2 года назад

Had me thinking but i got them right.

$@fractured_kamui9635$

@fractured_kamui9635 3 года назад

thank you

@eminkilicaslan8945 2 года назад

I have no problem with mayo but even I retched when you gulp down a spoonful.

@satnamsingh-ws4qf 3 года назад

Sir please explain Q.3. of pop quiz

@azioxx 2 года назад

For what u asked about the guy in the class, why he is wrong is because say he went to the action movie and she went to the other one, they wouldn't be together so the utils he gets from watching the favourable movie alone is lesser than what he gets from watching the unfavourable movie with her

@siddharthajain6944 5 лет назад

Best part was penny story.

@splithoofrivera8242 5 лет назад

I'm studying to be an economist and honestly it's just for the jokes. Why do accountants have such bad jokes and why are we so much better at them?

@lizzyberg1082 4 года назад

this video emotionally hit me :(

@warbreakr 3 года назад

Because of the poop part, right?

@lolowalaa9434 2 года назад

he ate the mayonaise oh my😆😂😅😂😅😂😅😂😆😅😂🌺🌺

@bansilvia8425 3 года назад

Is explicit and implicit cost both opportunity cost?

@JacobAClifford 3 года назад

Yes. They are both opportunity costs. I didn't make that clear in the video

@tymonk7 2 дня назад

@@JacobAClifford good that you pointed it out, because in 3:39 you say that opportunity cost is the same as implicit cost and then in the answers to popquiz you wrote that the correct answer is D and I was confused

@user-ij9hb9ys3n 3 года назад

Where is the answers for pop quiz

@ar4837 3 года назад

Awwwww the coins you are a cutie

@thegames6391 4 года назад

Watching the movie, which he doesn't like, which she likes with his girlfriend has given him more utilities, than watching a movie with his girlfriend, which he likes, but she doesn't like.

@sushant8852 5 лет назад

The opportunity cost would be 12000 since that is the money you would be giving up to attend college. We need not include the tuition in opportunity cost.

@voltairesarmy6702 5 лет назад

Yes, factoring in the cost of tuition wouldn't be straightforward anyway. How much is taken as a loan? How would we factor in the interest payments? Would we use data to estimate it? Make assumptions about the loan and repayment schedule?

@JacobAClifford 5 лет назад

Check the key.

@jorgetamayo4833 5 лет назад

I'm also not the biggest fan of this question either but i've used it in class and explain that the money could have been used for something other, therefore it has an opportunity cost. IMO, a better suited question would have been to ask about the economic costs (which includes both explicit and implicit costs) rather than opportunity costs.

@yahyamotara7590 3 года назад

Hmmmm..... Mushrooms or posion... POISON!

@doodee4462 3 года назад

I guess the answer is B.. ? for the 1st question

@VladDudnyk 5 лет назад

Shouldn't the answer to the first question be: 12000$ x 2 (It's a 2-year program, so Peggy gives up 2 years of work) + 4600$ = 28 600‬$?

@JacobAClifford 5 лет назад

I see what you are saying, but it asked for the ANNUAL opportunity cost

@VladDudnyk 5 лет назад

@@JacobAClifford Got it. I have to improve my English before learning economics 😅 Thanks for the answer.

@shammaalali352 2 года назад

@@VladDudnyk Can u explain , like he didn’t take the job. So the opc is 12,000

@theyeeingdino3484 4 года назад

f for the teacher who ate a full spoonful of mayo

@TheSaneInternational-SNI 3 года назад

Time to quite my school... Lol..

@gerardogutierrez5786 Год назад

Where is the key ? 😅

@subhiyoussef5317 5 лет назад

12000+4600 = 16600

@starriousinventor Год назад

The person who gave up ghis own favourite movie to whatch a movie his girlfriend liked was making an active choice- he could have insisted on his own movie or he could have watched it alone. However, instead, he decided to aquiesque to his girlfriend's insistance. 🎥👫

@wackypickle1139 4 года назад

I actually said dog feces

@tusharpersuad9559 5 лет назад

The answer is C because u are giving up 12000 at the job and you would still have to pay tuition fee of 4600 so u are giving up 12000 and also 4600 to go to college so the opportunity cost is 12000+4600=16600

@JacobAClifford 5 лет назад

I think you mean D

@tusharpersuad9559 5 лет назад

How

@tusharpersuad9559 5 лет назад

Could you explain

@tusharpersuad9559 5 лет назад

Oh I see its 2 year not one

@tusharpersuad9559 5 лет назад

Sorry my bad

@Slow-wipe 5 лет назад

Press F in chat for our teach that just ate a spoon full of mayo for this video

@mariec3622 3 года назад

Umm you never guessed my least favorite food sir

@brianmcnamara2286 2 года назад

Me gusta sopa

@steven_king 5 месяцев назад

Dang, Mark Cuban! What a romantic you are! ...hey btw...your wife got a sister?

@junaidrizvi9884 5 лет назад

Ans is 12000

@JacobAClifford 5 лет назад

Nope. Check the key

@junaidrizvi9884 4 года назад

@@JacobAClifford ok. Thanks for the reply Mr. Clifford. You are simply great👍

@JohnOnChans 29 дней назад

I wrote dog feces...

@blurrykillua5439 2 года назад

That guy was wrong bc the benefit he got from doing something his girlfriend enjoyed just knowing his girlfriend liked it was greater than the cost of having to watch a movie he didn't like

@KK-yj7lb 5 лет назад

Nah boi i would rather eat poison than chili peppers smh