Ben, Thank you tremendously for making these videos publicly available. You are advancing the pursuit of knowledge for so many! This resource will make my journey through intermediate micro much less nerve-wracking in the fall.
Great videos. My undergraduate studies cannot support me to understand academic publications. Your videos provide excellent learning materials for me to understand them.
Thank you for this contribution to the pursuit of learning. You said that you follow the scheme in Varian's book as the core of slides. Alongside the fact that I really like the way Varian approached the piling of intermediate concepts in his gorgeous book, I wonder how you would personally evaluate the presentation style and high level of mathematics used in the intermediate book by Walter Nicholson and Christopher Snyder? In other words, would you advise referring to the books aforementioned concurrently while studying intermediate microeconomics, assuming mathematics is no problem? Yours sincerely from Azerbaijan!
I always thought that the negative sign on the slope of the MRS just meant that to get more of one good you had to sacrifice some quantity of the other. Amazing explanation
Hey Ben, First of all, thank you for your enthusiasm about teaching us Economics, I appreciate that. I have one favor to ask. How can I access this course's slides? If you would upload it somewhere that would be great. I need to take some personal notes to those slides.
I've got a collection of exercise walk-throughs on my Intermediate Micro Economics Exercise (IMEX) List: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-9_hfbPHCBiw.html to complement the course lectures. I've got a few other walk-through examples videos such as this one for BC's: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-N9f9AQgga6Q.html
The most precise way to say it is that the budget line is the frontier of the budget set. The budget set encompasses all bundles that are affordable. The budget line refers to those bundles that are 'exactly' affordable. Those bundles closer to the origin, in the interior of the set are affordable but do not exhaust the budget.
@@BenZamzow thanks for your time If you see mankiw chapter 21 it clearly considers budget line as budget constraint whereas if you see hal Varian in chapter 2 it says budget set is budget constraint and in chapter 5 it says budget line is budget constraint What you have shared though are the interpretation of budget line and budget set If I were to add my opinion it would be to say that if we only are looking t affordability than its budget set and if affordability coupled with prefrence than its budget line Looking forward for your valuable feedback
@@vikaaswadhwa4058 Right, both Mankiw and Varian are great sources. Mankiw is the leading intro to micro text, though I prefer the new Stevenson & Wolfers series. Varian is the leading intermediate micro text, I would guess Mankiw's Macroeconomics is the leading intro to macro. "Budget Constraint" is going to be used quite a bit more sloppily. Quite literally for a two-good economy it would be p1x1 + p2x2 =< M, with the decision maker constrained to consume bundles within or exactly exhausting their budget. More typically we just focus on the budget line since this must be the location for any optimal bundles. Hence, we might use 'budget constraint' and 'budget line' interchangeably. Preferences aren't captured by the budget of course, but would typically require that more preferred bundles are on the budget line itself for standard preferences.
@@BenZamzow ya That's why I am suggesting that budget line should be considered as budget constraint when a consumer given his affordable bundles goes for the most preferred one which has to be on budget line ( chapter-5 of Varian is about optimal choice) but when a consumer is exploring different bundles which he can afford than his budget constraint is his budget set ( Chapter-2 of Varian is budget constraint) In mankiw though it explains both Concepts ( affordable and prefrence) together so budget line is considered as budget constraint by him. Thanks so very much for your valuable time and outlook Much appreciated
